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External merchandise trade statistics for September 2015
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     The Census and Statistics Department (C&SD) released today (October 27) the external merchandise trade statistics for September 2015. In September 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 4.6% and 7.6% respectively.

     In September 2015, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 4.6% over a year earlier to $316.7 billion, after a year-on-year decrease of 6.1% in August 2015. Within this total, the value of re-exports decreased by 4.5% to $313.2 billion in September 2015, while the value of domestic exports decreased by 13.8% to $3.6 billion. Concurrently, the value of imports of goods decreased by 7.6% over a year earlier to $353.1 billion in September 2015, after a year-on-year decrease of 7.4% in August 2015. A visible trade deficit of $36.4 billion, equivalent to 10.3% of the value of imports of goods, was recorded in September 2015.

     For the first nine months of 2015 as a whole, the value of total exports of goods dropped by 1.5% over the same period in 2014. Within this total, the value of re-exports decreased by 1.3%, while the value of domestic exports decreased by 14.9%. Concurrently, the value of imports of goods decreased by 3.0%. A visible trade deficit of $332.1 billion, equivalent to 11.1% of the value of imports of goods, was recorded in the first nine months of 2015.

     Comparing the third quarter of 2015 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 0.1%. Within this total, the value of re-exports increased by 0.1%, whereas the value of domestic exports went down by 8.0%. Meanwhile, the value of imports of goods decreased by 2.1%.

Analysis by country/territory

     Comparing September 2015 with September 2014, total exports to Asia as a whole went down by 4.1%. In this region, decreases were registered in the values of total exports to most major destinations, in particular Taiwan (-26.1%), Singapore (-11.2%), Korea (-9.1%), India (-9.0%), the mainland of China (the Mainland) (-3.4%) and Japan (-2.9%). On the other hand, increases were recorded in the values of total exports to Vietnam (+8.5%) and the Philippines (+5.2%).

     Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-9.5%) and the USA (-7.9%). Concurrently, an increase was registered in the value of total exports to Germany (+4.3%).

     Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Switzerland (-27.3%), India (-24.7%), Taiwan (-12.4%), Singapore (-7.8%), the USA (-6.9%) and Japan (-5.4%). The value of imports from the Mainland also decreased by 3.6%. Concurrently, an increase was registered in the value of imports from Korea (+5.8%).

     For the first nine months of 2015 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-19.7%), Korea (-12.5%), Japan (-6.8%), Germany (-3.0%) and the Mainland (-2.3%). However, year-on-year increases were registered in the values of total exports to Vietnam (+18.8%), India (+5.2%) and the USA (+2.3%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-18.7%), India (-10.7%), Japan (-8.7%) and Taiwan (-8.6%). On the other hand, year-on-year increases were registered in the values of imports from Korea (+2.2%) and the Mainland (+0.5%).

Analysis by major commodity

     Comparing September 2015 with September 2014, decreases were registered in the values of total exports of most principal commodity divisions, in particular "non-metallic mineral manufactures" (by $5.3 billion or -27.6%), "office machines and automatic data processing machines" (by $3.2 billion or -9.0%) and "articles of apparel and clothing accessories" (by $1.6 billion or -11.0%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.4 billion or 6.4%).

     Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.6 billion or -21.4%), "non-metallic mineral manufactures" (by $5.4 billion or -24.1%) and "petroleum, petroleum products and related materials" (by $2.6 billion or -39.5%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.7 billion or 1.5%).

     For the first nine months of 2015 as a whole, year-on-year decreases were registered in the values of total exports of most principal commodity divisions, in particular "articles of apparel and clothing accessories" (by $11.8 billion or -9.9%), "non-metallic mineral manufactures" (by $8.8 billion or -6.7%) and "office machines and automatic data processing machines" (by $7.4 billion or -2.5%). However, a year-on-year increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $26.7 billion or 3.3%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports of most principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $19.4 billion or -25.9%), "non-metallic mineral manufactures" (by $18.6 billion or -11.7%) and "office machines and automatic data processing machines" (by $17.0 billion or -6.2%). However, a year-on-year increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $49.0 billion or 10.0%).

Commentary

     A Government spokesman noted that merchandise export performance remained weak in September, reflecting the flagging global demand and its dampening effect on regional trade flows.

     The spokesman commented further that looking ahead, the external environment would still be difficult in the near term, given the slow global economic growth, diverging monetary policy among major central banks, slowdown in emerging market economies and heightened geopolitical tensions in various regions. The Government will monitor the situation closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2015. Table 2 presents the original monthly trade statistics from January 2012 to September 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 September 2015 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.

     Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for September 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 September 2015 will be released in mid-November 2015.

     The September 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 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 the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).

Ends/Tuesday, October 27, 2015
Issued at HKT 16:30

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