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The Census and Statistics Department (C&SD) released today (May 24) the external merchandise trade statistics for April 2012. In April 2012, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 5.6% and 5.0% respectively.
In April 2012, the value of total exports of goods (comprising re-exports and domestic exports) increased by 5.6% over a year earlier to $266.3 billion, after a year-on-year decrease of 6.8% in March 2012. Within this total, the value of re-exports increased by 6.3% to $261.5 billion in April 2012, whereas the value of domestic exports decreased by 20.9% to $4.7 billion. Concurrently, the value of imports of goods increased by 5.0% over a year earlier to $309.1 billion in April 2012, after a year-on-year decrease of 4.7% in March 2012. A visible trade deficit of $42.9 billion, equivalent to 13.9% of the value of imports of goods, was recorded in April 2012.
For the first four months of 2012 as a whole, the value of total exports of goods rose slightly by 0.3% over the same period in 2011. Within this total, the value of re-exports increased by 0.8%, whereas the value of domestic exports decreased by 23.3%. Concurrently, the value of imports of goods increased by 1.8%. A visible trade deficit of $141.3 billion, equivalent to 11.9% of the value of imports of goods, was recorded in the first four months of 2012.
Comparing the three-month period ending April 2012 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.8%. Within this total, the value of re-exports increased by 3.7%, while the value of domestic exports went up by 10.6%. Meanwhile, the value of imports of goods increased by 1.7%.
Analysis by country/territory
Comparing April 2012 with April 2011, total exports to Asia as a whole grew by 5.8%. In this region, increases were registered in the values of total exports to most major destinations, in particular Vietnam (+27.5%), Malaysia (+17.3%), Japan (+7.4%), Singapore (+7.2%) and the mainland of China (the Mainland) (+6.2%).
Apart from destinations in Asia, increase was also registered in the value of total exports to the USA (+15.4%). Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Germany (-21.5%) and the United Kingdom (-2.5%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Switzerland (+27.8%), Japan (+11.5%), the Mainland (+7.1%) and Thailand (+5.4%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular India (-7.7%), Korea (-3.1%), the USA (-2.3%) and Singapore (-2.2%).
For the first four 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 (+36.8%), Japan (+6.5%) and the USA (+3.7%). However, year-on-year decreases were registered in the values of total exports to India (-16.2%), Germany (-14.4%), Taiwan (-12.5%), Singapore (-5.4%) and the Mainland (-0.2%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Switzerland (+34.5%), the Mainland (+4.0%) and the USA (+3.2%). On the other hand, year-on-year decreases were registered in the values of imports from Thailand (-17.6%), Korea (-9.4%), Taiwan (-7.2%), Malaysia (-7.1%), Singapore (-6.2%) and Japan (-2.3%).
Analysis by major commodity
Comparing April 2012 with April 2011, increases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $10.0 billion or 35.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.3 billion or 20.0%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.2 billion or 4.6%). However, decreases were registered in the values of total exports of "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.6 billion or -8.1%), "non-metallic mineral manufactures" (by $1.4 billion or -13.6%) and "textile yarn, fabrics, made-up articles and related products" (by $1.2 billion or -13.3%).
Over the same period of comparison, 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 $8.7 billion or 24.3%) and "office machines and automatic data processing machines" (by $6.1 billion or 22.4%). However, decreases were registered in the values of imports of "articles of apparel and clothing accessories" (by $1.1 billion or -12.1%), "textile yarn, fabrics, made-up articles and related products" (by $1.0 billion or -11.7%) and "professional, scientific and controlling instruments and apparatus" (by $1.0 billion or -16.8%).
For the first four 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 $22.4 billion or 13.3%), "office machines and automatic data processing machines" (by $9.6 billion or 7.8%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $2.6 billion or 8.5%). However, year-on-year decreases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $13.4 billion or -4.6%), "textile yarn, fabrics, made-up articles and related products" (by $3.9 billion or -12.8%) and "articles of apparel and clothing accessories" (by $3.5 billion or -6.6%).
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 $33.6 billion or 21.9%), "office machines and automatic data processing machines" (by $7.4 billion or 6.4%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $6.6 billion or 8.5%). However, year-on-year decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $33.7 billion or -10.2%), "textile yarn, fabrics, made-up articles and related products" (by $4.3 billion or -14.3%) and "articles of apparel and clothing accessories" (by $2.6 billion or -6.8%).
Commentary
A Government spokesman noted that merchandise exports reverted to a moderate year-on-year growth in April, partly due to the relative improvement in some export markets, though also partly helped by the low base of comparison in the aftermath of the Japan earthquake and tsunami last year.
The spokesman commented further that looking ahead, the eurozone sovereign debt situation, which has re-intensified on heightened risks of a Greek turmoil lately, remains a key threat to the global economy. In light of the highly uncertain external environment, Hong Kong's near-term export outlook is still faced with significant challenges. We will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2012. Table 2 presents the original monthly trade statistics from January 2009 to April 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 April 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 April 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 April 2012 will be released in mid-June 2012.
The April 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June 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/Thursday, May 24, 2012
Issued at HKT 16:30
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