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The Census and Statistics Department (C&SD) released today (June 26) the external merchandise trade statistics for May 2012. In May 2012, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 5.2% and 4.6% respectively.
In May 2012, the value of total exports of goods (comprising re-exports and domestic exports) increased by 5.2% over a year earlier to $294.5 billion, after a year-on-year increase of 5.6% in April 2012. Within this total, the value of re-exports increased by 5.6% to $289.2 billion in May 2012, whereas the value of domestic exports decreased by 13.5% to $5.3 billion. Concurrently, the value of imports of goods increased by 4.6% over a year earlier to $330.1 billion in May 2012, after a year-on-year increase of 5.0% in April 2012. A visible trade deficit of $35.6 billion, equivalent to 10.8% of the value of imports of goods, was recorded in May 2012.
For the first five months of 2012 as a whole, the value of total exports of goods rose by 1.3% over the same period in 2011. Within this total, the value of re-exports increased by 1.8%, whereas the value of domestic exports decreased by 21.2%. Concurrently, the value of imports of goods increased by 2.4%. A visible trade deficit of $177.0 billion, equivalent to 11.7% of the value of imports of goods, was recorded in the first five months of 2012.
Comparing the three-month period ending May 2012 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 4.0%. Within this total, the value of re-exports decreased by 4.1%, whereas the value of domestic exports went up by 5.4%. Meanwhile, the value of imports of goods decreased by 3.5%.
Analysis by country/territory
Comparing May 2012 with May 2011, total exports to Asia as a whole grew by 7.9 %. In this region, increases were registered in the values of total exports to some major destinations, in particular Japan (+18.2%), Vietnam (+11.2%), the mainland of China (the Mainland) (+9.5%), Singapore (+8.2%) and Thailand (+5.6%).
Apart from destinations in Asia, increase was also registered in the value of total exports to the United Kingdom (+1.1%). Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Germany (-20.0%), India (-15.4%), Korea (-7.0%), Taiwan (-6.8%) and the USA (-0.8%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular the Mainland (+11.0%), Japan (+9.4%), Taiwan (+8.2%) and Singapore (+4.3%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-15.6%), the USA (-12.0%), India (-8.3%) and Korea (-8.1%).
For the first five months of 2012 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+30.9%), Japan (+8.7%), the USA (+2.8%), the Mainland (+1.9%) and the United Kingdom (+0.8%). Concurrently, year-on-year decreases were registered in the values of total exports to India (-16.1%), Germany (-15.7%), Taiwan (-11.4%), Korea (-3.3%) and Singapore (-2.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from Switzerland (+18.7%) and the Mainland (+5.5%). On the other hand, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Thailand (-14.5%), Korea (-9.2%), Malaysia (-6.3%), Singapore (-4.1%) and Taiwan (-4.1%).
Analysis by major commodity
Comparing May 2012 with May 2011, increases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.6 billion or 32.0%), "office machines and automatic data processing machines" (by $8.4 billion or 26.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $0.7 billion or 0.9%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $10.2 billion or 36.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.3 billion or 24.4%) and "professional, scientific and controlling instruments and apparatus" (by $1.1 billion or 15.7%).
For the first five months of 2012 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.1 billion or 16.9%), "office machines and automatic data processing machines" (by $18.0 billion or 11.5%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $2.2 billion or 5.4%).
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 $42.8 billion or 22.3%), "office machines and automatic data processing machines" (by $17.6 billion or 12.3%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $5.8 billion or 14.1%).
Commentary
A Government spokesman noted that merchandise exports grew moderately in value terms in May over a year earlier, with the improved performance of the Mainland, Japan and some other Asian markets offsetting the weakness of the EU and US markets.
The spokesman commented further that looking ahead, the external trading environment remains highly uncertain in view of the unsettling eurozone sovereign debt situation and the associated negative spillovers to the Asian region. Hong Kong's near-term export outlook thus remains challenging. We will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2012. Table 2 presents the original monthly trade statistics from January 2009 to May 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 May 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 May 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 May 2012 will be released in mid-July 2012.
The May 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 2012. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp230.jsp).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 5042).
Ends/Tuesday, June 26, 2012
Issued at HKT 16:30
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