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The Census and Statistics Department (C&SD) released today (April 24) the external merchandise trade statistics for March 2012. In March 2012, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 6.8% and 4.7% respectively.
In March 2012, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 6.8% over a year earlier to $262.4 billion, after a year-on-year increase of 14.0% in February 2012. Within this total, the value of re-exports decreased by 6.4% to $257.5 billion in March 2012, while the value of domestic exports decreased by 23.0% to $4.9 billion. Concurrently, the value of imports of goods decreased by 4.7% over a year earlier to $306.3 billion in March 2012, after a year-on-year increase of 20.8% in February 2012. A visible trade deficit of $43.9 billion, equivalent to 14.3% of the value of imports of goods, was recorded in March 2012.
For the first quarter of 2012 as a whole, the value of total exports of goods dropped by 1.5% over the same period in 2011. Within this total, the value of re-exports decreased by 1.0%, while the value of domestic exports decreased by 24.1%. Concurrently, the value of imports of goods increased by 0.7%. A visible trade deficit of $98.5 billion, equivalent to 11.2% of the value of imports of goods, was recorded in the first quarter of 2012.
Comparing the first quarter of 2012 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 3.3%. Within this total, the value of re-exports increased by 3.4%, whereas the value of domestic exports fell by 1.3%. Meanwhile, the value of imports of goods increased by 1.1%.
Analysis by country/territory
Comparing March 2012 with March 2011, total exports to Asia as a whole went down by 8.4%. In this region, substantial decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-37.6%), Thailand (-27.0%), India (-22.8%), Korea (-15.4%) and the mainland of China (the Mainland) (-8.1%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (-11.4%) and the USA (-2.0%). Concurrently, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+35.6%), Japan (+9.3%) and the United Kingdom (+7.2%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Malaysia (-23.7%), Thailand (-23.1%), Korea (-22.4%), Singapore (-16.6%) and the Mainland (-1.4%).
For the first quarter of 2012 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-18.5%), India (-16.4%), Germany (-11.9%), Singapore (-9.4%) and the Mainland (-2.1%). Concurrently, year-on-year increases were registered in the values of total exports to Vietnam (+40.0%), Japan (+6.2%) and the United Kingdom (+1.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Switzerland (+37.2%), the USA (+5.1%), India (+3.3%) and the Mainland (+3.0%). However, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Thailand (-24.2%), Korea (-11.6%) and Taiwan (-9.9%).
Analysis by major commodity
Comparing March 2012 with March 2011, decreases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.9 billion or -15.8%), "office machines and automatic data processing machines" (by $3.8 billion or -11.9%) and "non-metallic mineral manufactures" (by $2.9 billion or -19.0%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $19.6 billion or -20.7%), "office machines and automatic data processing machines" (by $4.2 billion or -13.5%) and "non-metallic mineral manufactures" (by $1.4 billion or -8.6%).
For the first quarter of 2012 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $16.5 billion or -7.3%), "textile yarn, fabrics, made-up articles and related products" (by $2.7 billion or -12.5%) and "articles of apparel and clothing accessories" (by $2.6 billion or -6.4%). However, a year-on-year increase was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.0 billion or 11.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.8 billion or 21.1%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $6.3 billion or 11.1%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $4.3 billion or 18.4%). However, a year-on-year decrease was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $34.5 billion or -13.8%).
Commentary
A Government spokesman noted that merchandise exports relapsed to a rather noticeable year-on-year decline in March, mainly dragged by the marked deceleration in exports to many major Asian markets, amid the continued lull in the US and EU markets.
The spokesman commented further that looking ahead, as the global economic situation remains difficult amid the lingering eurozone sovereign debt crisis and fragile fundamentals of the advanced economies, Hong Kong's near-term export outlook is still faced with considerable uncertainties. We will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2012. Table 2 presents the original monthly trade statistics from January 2009 to March 2012, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for March 2012 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of ten principal commodity divisions for March 2012.
All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for March 2012 will be released in mid-May 2012.
The March 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 2012. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 5042).
Ends/Tuesday, April 24, 2012
Issued at HKT 16:30
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