External merchandise trade statistics for January 2015
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     The Census and Statistics Department (C&SD) released today (February 26) the external merchandise trade statistics for January 2015. In January 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 2.8% and 7.9% respectively.

     In January 2015, the value of total exports of goods (comprising re-exports and domestic exports) increased by 2.8% over a year earlier to $311.9 billion, after a year-on-year increase of 0.6% in December 2014. Within this total, the value of re-exports increased by 2.8% to $307.4 billion in January 2015, while the value of domestic exports increased by 3.9% to $4.5 billion. Concurrently, the value of imports of goods increased by 7.9% over a year earlier to $348.9 billion in January 2015, after a year-on-year increase of 1.9% in December 2014. A visible trade deficit of $37.0 billion, equivalent to 10.6% of the value of imports of goods, was recorded in January 2015.

     Comparing the three-month period ending January 2015 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.1%. Within this total, the value of re-exports decreased by 3.1%, while the value of domestic exports went down by 4.8%. Meanwhile, the value of imports of goods decreased by 3.0%.

Analysis by country/territory

     Comparing January 2015 with January 2014, total exports to Asia as a whole grew by 7.1%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+35.1%), the Philippines (+20.7%), Singapore (+17.1%), Thailand (+15.1%) and the mainland of China (the Mainland) (+9.2%). On the other hand, decreases were recorded in the values of total exports to Korea (-15.0%), Japan (-13.9%) and India (-6.4%).

     Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (+3.8%). Concurrently, decreases were registered in the values of total exports to Germany (-11.2%) and the USA (-6.4%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Japan (+23.1%), Taiwan (+18.3%), Korea (+13.5%), Thailand (+11.2%) and Singapore (+9.7%). The value of imports from the Mainland also rose by 5.5%. Concurrently, a decrease was registered in the value of imports from Malaysia (-4.1%).

     Comparing the three months ending January 2015 with the three months ending January 2014, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+15.1%), Singapore (+9.0%), Taiwan (+4.6%), the USA (+3.4%) and the Mainland (+0.7%). However, year-on-year decreases were registered in the values of total exports to Korea (-15.1%), Japan (-11.7%) and Germany (-4.8%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+19.8%), Korea (+13.0%), Taiwan (+10.5%), Malaysia (+8.2%), Thailand (+7.5%) and the Mainland (+3.5%). On the other hand, a year-on-year decrease was registered in the value of imports from the USA (-5.3%).

Analysis by major commodity

     Comparing January 2015 with January 2014, 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 $11.1 billion or 12.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.4 billion or 4.2%). However, decreases were registered in the values of total exports of "articles of apparel and clothing accessories" (by $3.8 billion or -21.9%) and "non-metallic mineral manufactures" (by $1.5 billion or -11.6%).

     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 $13.4 billion or 14.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.0 billion or 22.6%). However, decreases were registered in the values of imports of "articles of apparel and clothing accessories" (by $2.3 billion or -18.2%) and "petroleum, petroleum products and related materials" (by $2.2 billion or -22.6%).

     Comparing the three months ending January 2015 with the three months ending January 2014, 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 $21.8 billion or 8.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.8 billion or 4.2%) and "office machines and automatic data processing machines" (by $3.3 billion or 3.0%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $6.1 billion or -13.5%).

     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 $37.7 billion or 13.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.0 billion or 12.5%). However, year-on-year decreases were registered in the values of imports of "petroleum, petroleum products and related materials" (by $8.4 billion or -27.5%) and "articles of apparel and clothing accessories" (by $3.0 billion or -8.7%).

Commentary

     A Government spokesman noted that the value of merchandise exports grew modestly over a year earlier in January 2015, led mainly by a rebound in exports to the Mainland. The performance of the advanced markets was generally weak. It should be noted that the trade figures for January were somewhat distorted by the difference in timing of the Chinese New Year, which fell in mid-February this year but in late January last year. It would thus be more meaningful to analyse the trade figures for January and February combined, when available, for a clearer picture of the underlying trend.

     The spokesman commented further that looking ahead, the external environment is subject to various uncertainties, including those stemming from the slow recovery of many advanced economies, diverging monetary policy stances of major central banks, and geopolitical tensions in various regions. These developments are likely to constrain Hong Kong's export performance in the near term. The Government will monitor the situation closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for January 2015. Table 2 presents the original monthly trade statistics from January 2012 to January 2015, and Table 3 gives the seasonally adjusted series for the same period.

     The values of total exports of goods to 10 main destinations for January 2015 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 January 2015.

     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 January 2015 will be released in mid-March 2015.

     The January 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the January 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-March 2015. 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/Thursday, February 26, 2015
Issued at HKT 16:30

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