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The Census and Statistics Department (C&SD) released today (August 28) the external merchandise trade statistics for July 2012. In July 2012, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 3.5% and 1.8% respectively.
In July 2012, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 3.5% over a year earlier to $276.2 billion, after a year-on-year decrease of 4.8% in June 2012. Within this total, the value of re-exports decreased by 3.5% to $271.1 billion in July 2012, whereas the value of domestic exports increased by 0.3% to $5.1 billion. Concurrently, the value of imports of goods decreased by 1.8% over a year earlier to $316.3 billion in July 2012, after a year-on-year decrease of 2.9% in June 2012. A visible trade deficit of $40.1 billion, equivalent to 12.7% of the value of imports of goods, was recorded in July 2012.
For the first seven months of 2012 as a whole, the value of total exports of goods dropped slightly by 0.3% over the same period in 2011. Within this total, the value of re-exports increased slightly by 0.1%, whereas the value of domestic exports decreased by 16.8%. Concurrently, the value of imports of goods increased by 0.9%. A visible trade deficit of $261.8 billion, equivalent to 12.1% of the value of imports of goods, was recorded in the first seven months of 2012.
Comparing the three-month period ending July 2012 with the preceding three months 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%, while the value of domestic exports went down by 1.8%. Meanwhile, the value of imports of goods decreased by 1.4%.
Analysis by country/territory
Comparing July 2012 with July 2011, total exports to Asia as a whole went down by 1.8%. In this region, decreases were registered in the values of total exports to most major destinations, in particular India (-30.4%), Thailand (-20.8%), Singapore (-8.3%) and Taiwan (-6.2%). On the other hand, increases were recorded in the values of total exports to Japan (+1.4%) and the mainland of China (the Mainland) (+0.5%).
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 (-33.4%) and Germany (-18.0%). Concurrently, an increase was registered in the value of total exports to the USA (+3.7%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular India (-20.5%), Switzerland (-19.3%), Thailand (-14.7%), Malaysia (-12.7%) and Korea (-8.8%). Concurrently, increases were registered in the values of imports from some major suppliers, in particular Taiwan (+10.0%), the USA (+2.0%) and the Mainland (+1.6%).
For the first seven months of 2012 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular India (-18.8%), Germany (-16.1%), the United Kingdom (-9.2%), Taiwan (-6.4%) and Korea (-4.5%). Concurrently, year-on-year increases were registered in the value of total exports to Vietnam (+19.6%), Japan (+6.4%), the USA (+2.5%) and the Mainland (+0.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from Switzerland (+9.2%) and the Mainland (+3.3%). However, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Thailand (-13.8%), Korea (-6.6%), Malaysia (-6.5%), Singapore (-5.2%) and India (-4.8%).
Analysis by major commodity
Comparing July 2012 with July 2011, decreases were registered in the values of total exports of most principal commodity divisions, in particular "non-metallic mineral manufactures" (by $3.1 billion or -24.6%), "office machines and automatic data processing machines" (by $2.2 billion or -7.0%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.5 billion or -7.2%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "non-metallic mineral manufactures" (by $4.2 billion or -25.3%), "petroleum, petroleum products and related materials" (by $4.0 billion or -38.0%) and "office machines and automatic data processing machines" (by $0.8 billion or -2.5%).
For the first seven months of 2012 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular "articles of apparel and clothing accessories" (by $7.6 billion or -7.2%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.6 billion or -1.1%) and "textile yarn, fabrics, made-up articles and related products" (by $5.5 billion or -10.2%). However, year-on-year increases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.1 billion or 9.3%), "office machines and automatic data processing machines" (by $12.2 billion or 5.6%) and "professional, scientific and controlling instruments and apparatus" (by $3.2 billion or 7.9%).
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 $47.1 billion or 16.5%), "office machines and automatic data processing machines" (by $14.6 billion or 7.1%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $7.5 billion or 12.3%). However, year-on-year decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $30.2 billion or -5.2%), "textile yarn, fabrics, made-up articles and related products" (by $5.5 billion or -10.4%) and "articles of apparel and clothing accessories" (by $4.4 billion or -6.0%).
Commentary
A Government spokesman noted that merchandise exports stayed weak in July, as the eurozone sovereign debt crisis continued to pose a notable drag on global economic activity. Exports to the EU declined significantly further, and continued weaknesses were also seen across many Asian markets.
The spokesman commented further that looking ahead, the delicate economic and fiscal conditions in the advanced economies as well as their negative spillovers to Asia will continue to cloud the global trading environment. Hong Kong's near-term export outlook thus remains bleak. We will continue to monitor the evolving external developments closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2012. Table 2 presents the original monthly trade statistics from January 2009 to July 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 July 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 July 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 July 2012 will be released in mid-September 2012.
The July 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September 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, August 28, 2012
Issued at HKT 16:30
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