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External merchandise trade statistics for February 2013
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     The Census and Statistics Department (C&SD) released today (March 26) the external merchandise trade statistics for February 2013. In February 2013, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 16.9% and 18.3% respectively.

     As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year holidays, it is useful to analyse the trade figures for these two months taken together.

     Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year holidays, the value of total exports of goods (comprising re-exports and domestic exports) rose by 0.3% over the same period in 2012. Within this total, the value of re-exports increased by 0.4%, whereas the value of domestic exports decreased by 3.4%. Concurrently, the value of imports of goods increased by 1.4%. A visible trade deficit of $61.2 billion, equivalent to 10.5% of the value of imports of goods, was recorded in the first two months of 2013.

     In February 2013, the value of total exports of goods decreased by 16.9% over a year earlier to $215.7 billion, after a year-on-year increase of 17.6% in January 2013. Within this total, the value of re-exports decreased by 16.8% to $212.5 billion in February 2013, while the value of domestic exports decreased by 24.6% to $3.3 billion. Concurrently, the value of imports of goods decreased by 18.3% over a year earlier to $249.7 billion in February 2013, after a year-on-year increase of 23.9% in January 2013. A visible trade deficit of $34.0 billion, equivalent to 13.6% of the value of imports of goods, was recorded in February 2013.

     Comparing the three-month period ending February 2013 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.5%. Within this total, the value of re-exports increased by 3.6%, whereas the value of domestic exports went down by 4.3%. Meanwhile, the value of imports of goods remained virtually unchanged.

Analysis by country/territory

     Comparing February 2013 with February 2012, total exports to Asia as a whole went down by 21.3%. In this region, substantial decreases were registered in the values of total exports to most major destinations, in particular Malaysia (-40.8%), Vietnam (-38.8%), the mainland of China (the Mainland) (-23.1%), Thailand (-19.2%) and Japan (-19.2%).

     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 (-8.7%), the USA (-4.6%) and the United Kingdom (-4.0%).

     Over the same period of comparison, decreases were registered in the values of imports from all major suppliers, in particular Malaysia (-33.9%), the USA (-30.9%), Japan (-27.5%), the Mainland (-18.0%) and Switzerland (-15.7%).

     For the first two months of 2013 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Taiwan (+17.3%), Singapore (+6.1%) and the Mainland (+1.2%). However, year-on-year decreases were registered in the values of total exports to Vietnam (-6.9%), Korea (-5.7%) and Japan (-4.5%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Thailand (+11.9%), Singapore (+8.5%) and the Mainland (+7.8%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-15.5%), Malaysia (-13.8%) and the USA (-9.9%).

Analysis by major commodity

     Comparing February 2013 with February 2012, decreases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $15.9 billion or -21.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.8 billion or -13.8%) and "office machines and automatic data processing machines" (by $5.1 billion or -14.5%).

     Over the same period of comparison, decreases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $13.9 billion or -17.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.2 billion or -20.2%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $5.6 billion or -25.8%).

     For the first two months of 2013 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 $5.4 billion or 5.5%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.6 billion or 4.7%). However, year-on-year decreases were registered in the values of total exports of "non-metallic mineral manufactures" (by $2.5 billion or -11.3%) and "office machines and automatic data processing machines" (by $2.4 billion or -3.6%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.3 billion or 7.3%) and "professional, scientific and controlling instruments and apparatus" (by $1.9 billion or 15.2%). However, year-on-year decreases were registered in the values of imports of "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $1.8 billion or -9.6%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.2 billion or -2.9%).

Commentary

     A Government spokesman noted that merchandise exports fell back in February on a year-on-year comparison, largely due to the difference in timing of the Chinese New Year in 2012 and 2013. Yet even taking the first two months of 2013 together to remove such distortion, merchandise exports attained only a meagre year-on-year growth, with mixed performance seen across the major markets.

     The spokesman commented further that looking ahead, the external trading environment remains unsteady amid the fluid eurozone sovereign debt situation and the fragile fundamentals of the advanced economies. Although the firmer Mainland economy should render a key stabilising force to intra-regional trade flows, Hong Kong's export performance will likely see some fluctuations in the months ahead. We will continue to monitor the external developments closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2013. Table 2 presents the original monthly trade statistics from January 2010 to February 2013, and Table 3 gives the seasonally adjusted series for the same period.

     The values of total exports of goods to ten main destinations for February 2013 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 February 2013.

     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 February 2013 will be released in mid-April 2013.

     The February 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the February 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-April 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 (2) of the C&SD (Tel: 2582 5042).

Ends/Tuesday, March 26, 2013
Issued at HKT 16:30

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