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The Census and Statistics Department (C&SD) released today (August 25) the external merchandise trade statistics for July 2014. In July 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 6.8% and 7.5% respectively.
In July 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.8% over a year earlier to $326.2 billion, after a year-on-year increase of 11.4% in June 2014. Within this total, the value of re-exports increased by 6.8% to $321.0 billion in July 2014, while the value of domestic exports increased by 7.0% to $5.1 billion. Concurrently, the value of imports of goods increased by 7.5% over a year earlier to $368.3 billion in July 2014, after a year-on-year increase of 7.6% in June 2014. A visible trade deficit of $42.1 billion, equivalent to 11.4% of the value of imports of goods, was recorded in July 2014.
For the first seven months of 2014 as a whole, the value of total exports of goods rose by 3.4% over the same period in 2013. Within this total, the value of re-exports increased by 3.4%, while the value of domestic exports increased by 4.3%. Concurrently, the value of imports of goods increased by 3.9%. A visible trade deficit of $304.6 billion, equivalent to 13.0% of the value of imports of goods, was recorded in the first seven months of 2014.
Comparing the three-month period ending July 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 8.1%. Within this total, the value of re-exports increased by 8.2%, while the value of domestic exports went up by 4.4%. Meanwhile, the value of imports of goods increased by 4.1%.
Analysis by country/territory
Comparing July 2014 with July 2013, total exports to Asia as a whole grew by 8.1%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+29.7%), Thailand (+22.7%), Korea (+22.4%), Vietnam (+20.4%) and Malaysia (+18.2%). The value of total exports to the mainland of China (the Mainland) also rose by 6.5%.
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+2.4%) and the United Kingdom (+0.3%). Concurrently, a decrease was registered in the value of total exports to the USA (-1.7%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+19.3%), India (+19.2%), Taiwan (+16.8%), Korea (+16.6%) and Thailand (+14.5%). The value of imports from the Mainland also rose by 7.4%.
For the first seven months of 2014 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Vietnam (+12.1%), India (+9.9%), Korea (+3.8%), the Mainland (+2.6%) and the United Kingdom (+1.9%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Malaysia (+25.7%), Thailand (+14.8%), Taiwan (+13.5%), Korea (+10.8%) and Singapore (+7.4%). The value of imports from the Mainland also rose by 1.4%.
Analysis by major commodity
Comparing July 2014 with July 2013, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $11.9 billion or 13.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.0 billion or 9.0%) and "non-metallic mineral manufactures" (by $2.0 billion or 15.9%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $20.3 billion or 21.7%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.8 billion or 13.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.5 billion or 4.7%).
For the first seven months of 2014 as a whole, year-on-year increases 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 $66.7 billion or 12.2%) and "non-metallic mineral manufactures" (by $14.1 billion or 16.5%). However, year-on-year decreases were registered in the values of total exports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $6.7 billion or -5.3 %) and "office machines and automatic data processing machines" (by $6.6 billion or -2.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $97.3 billion or 15.9%) and "non-metallic mineral manufactures" (by $10.7 billion or 9.7%). However, year-on-year decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $19.5 billion or 8.5%) and "professional, scientific and controlling instruments and apparatus" (by $5.5 billion or -10.0%).
Commentary
A Government spokesman noted that the value of merchandise exports grew solidly further in July over a year earlier, following a double-digit surge in June. Many Asian markets registered notable growth in July, in contrast to the sluggish performance of the advanced markets.
The spokesman commented further that looking ahead, Hong Kong's export performance will still much hinge on the recovery pace of the global economy. The external environment is at present subject to various downside risks, especially those arising from the US monetary policy normalisation, faltering recovery of the eurozone economy, and intensified geopolitical tensions in various parts of the world. The Government will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2014. Table 2 presents the original monthly trade statistics from January 2011 to July 2014, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for July 2014 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for July 2014.
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 July 2014 will be released in mid-September 2014.
The July 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September 2014. 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 (2) of the C&SD (Tel: 2582 5042).
Ends/Monday, August 25, 2014
Issued at HKT 16:30
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