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The Census and Statistics Department (C&SD) released today (July 24) the external merchandise trade statistics for June 2012. In June 2012, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 4.8% and 2.9% respectively.
In June 2012, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 4.8% over a year earlier to $278.2 billion, after a year-on-year increase of 5.2% in May 2012. Within this total, the value of re-exports decreased by 4.7% to $273.2 billion in June 2012, while the value of domestic exports decreased by 10.3% to $5.0 billion. Concurrently, the value of imports of goods decreased by 2.9% over a year earlier to $322.9 billion in June 2012, after a year-on-year increase of 4.6% in May 2012. A visible trade deficit of $44.7 billion, equivalent to 13.8% of the value of imports of goods, was recorded in June 2012.
For the first half 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 0.7%, whereas the value of domestic exports decreased by 19.4%. Concurrently, the value of imports of goods increased by 1.4%. A visible trade deficit of $221.7 billion, equivalent to 12.0% of the value of imports of goods, was recorded in the first half of 2012.
Comparing the second quarter of 2012 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 3.7%. Within this total, the value of re-exports decreased by 3.8%, whereas the value of domestic exports went up by 2.2%. Meanwhile, the value of imports of goods decreased by 1.5%.
Analysis by country/territory
Comparing June 2012 with June 2011, 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 some major destinations, in particular India (-18.9%), Malaysia (-14.5%), Korea (-11.7%), Vietnam (-8.7%), Thailand (-8.4%) and the mainland of China (the Mainland) (-3.9%).
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 (-18.9%), Germany (-16.2%) and the USA (-0.1%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Singapore (-11.0%), Thailand (-9.3%), Japan (-8.6%), India (-6.7%), the USA (-5.2%) and the Mainland (-4.6%).
For the first half of 2012 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+23.3%), Japan (+7.3%), the USA (+2.2%) and the Mainland (+0.8%). Concurrently, year-on-year decreases were registered in the values of total exports to India (-16.6%), Germany (-15.8%) and Taiwan (-6.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from Switzerland (+15.3%) and the Mainland (+3.6%). However, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Thailand (-13.6%), Korea (-6.2%), Malaysia (-5.4%), Singapore (-5.3%) and India (-2.4%).
Analysis by major commodity
Comparing June 2012 with June 2011, decreases 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 $5.2 billion or -9.1%), "office machines and automatic data processing machines" (by $3.6 billion or -10.6%) and "articles of apparel and clothing accessories" (by $1.6 billion or -9.1%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $2.3 billion or -7.0%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.4 billion or -6.5%) and "petroleum, petroleum products and related materials" (by $1.4 billion or -13.2%).
For the first half 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 $29.9 billion or 11.3%), "office machines and automatic data processing machines" (by $14.4 billion or 7.6%) and "professional, scientific and controlling instruments and apparatus" (by $4.3 billion or 13.3%). However, year-on-year decreases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $11.3 billion or -2.6%), "articles of apparel and clothing accessories" (by $6.9 billion or -8.1%) and "textile yarn, fabrics, made-up articles and related products" (by $5.2 billion or -11.3%).
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 $42.9 billion or 17.8%), "office machines and automatic data processing machines" (by $15.3 billion or 8.7%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $7.3 billion or 14.5%). However, year-on-year decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $34.6 billion or -6.9%), "textile yarn, fabrics, made-up articles and related products" (by $5.4 billion or -11.8%) and "articles of apparel and clothing accessories" (by $4.0 billion or -6.6%).
Commentary
A Government spokesman noted that the value of merchandise exports relapsed into a year-on-year decline in June. While exports to the EU remained the weakest spot, widespread weaknesses were also seen across many major markets.
The spokesman commented further that looking ahead, the external sector is still faced with mounting headwinds stemming from the evolving sovereign debt situation in Europe, the sluggishness in many advanced economies, as well as the negative spillovers to Asia. Hong Kong's export outlook thus remains challenging in the near term. We will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2012. Table 2 presents the original monthly trade statistics from January 2009 to June 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 June 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 June 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 June 2012 will be released in mid-August 2012.
The June 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August 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, July 24, 2012
Issued at HKT 16:30
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