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The Census and Statistics Department (C&SD) released today (November 27) the external merchandise trade statistics for October 2012. In October 2012, the value of Hong Kong's total exports of goods decreased by 2.8%, whereas the value of imports of goods increased by 3.3% over a year earlier.
In October 2012, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 2.8% over a year earlier to $297.0 billion, after a year-on-year increase of 15.2% in September 2012. Within this total, the value of re-exports decreased by 2.7% to $292.2 billion in October 2012, while the value of domestic exports decreased by 8.2% to $4.8 billion. Concurrently, the value of imports of goods increased by 3.3% over a year earlier to $339.7 billion in October 2012, after a year-on-year increase of 14.9% in September 2012. A visible trade deficit of $42.7 billion, equivalent to 12.6% of the value of imports of goods, was recorded in October 2012.
For the first ten months of 2012 as a whole, the value of total exports of goods rose by 1.0% over the same period in 2011. Within this total, the value of re-exports increased by 1.3%, whereas the value of domestic exports decreased by 12.7%. Concurrently, the value of imports of goods increased by 2.6%. A visible trade deficit of $385.7 billion, equivalent to 12.0% of the value of imports of goods, was recorded in the first ten months of 2012.
Comparing the three-month period ending October 2012 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.6%. Within this total, the value of re-exports increased by 3.6%, while the value of domestic exports went up by 0.7%. Meanwhile, the value of imports of goods increased by 6.1%.
Analysis by country/territory
Comparing October 2012 with October 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 (-23.0%), Korea (-13.5%), Japan (-9.4%) and the Philippines (-8.1%). On the other hand, increases were recorded in the values of total exports to Thailand (+2.0%), Taiwan (+1.2%) and the mainland of China (the Mainland) (+1.1%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (-7.7%), the United Kingdom (-5.5%) and the USA (-2.4%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Korea (+15.6%), the Mainland (+11.2%) and Taiwan (+1.8%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-12.3%), Japan (-10.3%) and Singapore (-9.6%).
For the first ten 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 (+14.0%), Japan (+5.5%), the Mainland (+4.0%) and the USA (+1.6%). However, year-on-year decreases were registered in the values of total exports to India (-18.3%), Germany (-15.0%), the United Kingdom (-8.7%) and Taiwan (-7.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular the Mainland (+6.0%), Taiwan (+1.6%) and Korea (+1.4%). On the other hand, year-on-year decreases were registered in the values of imports from Thailand (-12.0%), India (-5.6%) and Malaysia (-5.3%).
Analysis by major commodity
Comparing October 2012 with October 2011, decreases 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 $6.7 billion or -8.3%), "articles of apparel and clothing accessories" (by $2.8 billion or -15.9%) and "professional, scientific and controlling instruments and apparatus" (by $0.8 billion or -9.6%).
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 $8.9 billion or 17.7%), "office machines and automatic data processing machines" (by $5.2 billion or 17.7%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.9 billion or 7.2%).
For the first ten 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 $35.2 billion or 7.4%), "office machines and automatic data processing machines" (by $26.0 billion or 8.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.4 billion or 1.7%).
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 $68.3 billion or 15.7%), "office machines and automatic data processing machines" (by $30.9 billion or 10.2%) and "professional, scientific and controlling instruments and apparatus" (by $8.6 billion or 13.5%).
Commentary
A Government spokesman noted that the value of merchandise exports relapsed to a modest year-on-year decline in October, after a notable pick-up in the previous month. The year-on-year rate of change in the value of merchandise exports displayed huge swings in the past several months, mirroring the highly volatile economic climate in the external environment.
The spokesman commented further that while there have been more positive economic data in the US and signs of re-acceleration in the Mainland economy in the more recent months, the external trading environment is still subject to a high degree of uncertainty. The euro-zone economy is back in recession, and the outlook of the US is still overcast by the looming fiscal cliff. We need to stay vigilant.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2012. Table 2 presents the original monthly trade statistics from January 2009 to October 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 October 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 October 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 October 2012 will be released in mid-December 2012.
The October 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December 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, November 27, 2012
Issued at HKT 16:30
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