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The Census and Statistics Department (C&SD) released today (January 24) the external merchandise trade statistics for December 2012. In December 2012, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 14.4% and 11.9% respectively.
In December 2012, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.4% over a year earlier to $311.0 billion, after a year-on-year increase of 10.5% in November 2012. Within this total, the value of re-exports increased by 14.6% to $306.0 billion in December 2012, while the value of domestic exports increased by 6.1% to $5.0 billion. Concurrently, the value of imports of goods increased by 11.9% over a year earlier to $358.9 billion in December 2012, after a year-on-year increase of 9.0% in November 2012. A visible trade deficit of $48.0 billion, equivalent to 13.4% of the value of imports of goods, was recorded in December 2012.
For 2012 as a whole, the value of total exports of goods rose by 2.9% over the same period in 2011. Within this total, the value of re-exports increased by 3.2%, whereas the value of domestic exports decreased by 10.4%. Concurrently, the value of imports of goods increased by 3.9%. A visible trade deficit of $477.8 billion, equivalent to 12.2% of the value of imports of goods, was recorded in 2012.
Comparing the fourth quarter of 2012 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 5.5%. Within this total, the value of re-exports increased by 5.7%, whereas the value of domestic exports went down by 5.0%. Meanwhile, the value of imports of goods increased by 4.7%.
Analysis by country/territory
Comparing December 2012 with December 2011, total exports to Asia as a whole grew by 14.8%. In this region, double-digit increases were registered in the values of total exports to some major destinations, in particular Taiwan (+33.3%), Thailand (+30.3%), the mainland of China (the Mainland) (+17.4%) and the Philippines (+14.9%). On the other hand, decreases were recorded in the values of total exports to Malaysia (-21.3%) and India (-9.0%).
Apart from destinations in Asia, increases were also registered in the values of total exports to most major destinations in other regions, in particular the United Kingdom (+16.7%), the USA (+12.8%) and Germany (+6.3%).
Over the same period of comparison, significant increases were registered in the values of imports from some major suppliers, in particular Thailand (+45.4%), the Mainland (+20.3%) and Korea (+15.4%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular India (-15.4%), Malaysia (-14.4%) and Switzerland (-9.0%).
For 2012 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+9.9%), Japan (+6.5%), the Mainland (+6.3%) and the USA (+2.3%). However, year-on-year decreases were registered in the values of total exports to India (-17.5%), Germany (-12.8%), the United Kingdom (-6.0%) and Taiwan (-5.2%).
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 (+8.5%), Korea (+2.4%) and Taiwan (+1.6%). On the other hand, year-on-year decreases were registered in the values of imports from Malaysia (-6.0%), India (-5.5%) and Thailand (-4.8%).
Analysis by major commodity
Comparing December 2012 with December 2011, increases were registered in the values of total exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $17.2 billion or 41.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.1 billion or 9.3%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $3.4 billion or 16.4%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.5 billion or 36.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.5 billion or 9.8%) and "office machines and automatic data processing machines" (by $6.7 billion or 20.6%).
For 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 $66.8 billion or 11.9%), "office machines and automatic data processing machines" (by $47.5 billion or 12.5%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $17.4 billion or 1.9%).
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 $99.4 billion or 18.9%), "office machines and automatic data processing machines" (by $52.8 billion or 14.8%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $11.0 billion or 4.1%).
Commentary
A Government spokesman noted that merchandise exports picked up to a strong year-on-year growth in December 2012, after rebounding notably in November. The faster export growth towards the year-end was seen across many major markets.
The spokesman commented further that looking ahead, the re-acceleration of the Mainland economy should render a stabilising force to cushion against the relatively weak final demand of the advanced economies. Yet we should stay vigilant to the downside risks stemming from the fragile fundamentals of the advanced economies to global trade flows.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2012. Table 2 presents the original monthly trade statistics from January 2009 to December 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 December 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 December 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 December 2012 will be released in mid-February 2013.
The December 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 2013. 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/Thursday, January 24, 2013
Issued at HKT 16:30
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