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The Census and Statistics Department (C&SD) released today (April 25) the external merchandise trade statistics for March 2013. In March 2013, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 11.2% and 11.3% respectively.
In March 2013, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.2% over a year earlier to $291.7 billion, after a year-on-year decrease of 16.9% in February 2013. Within this total, the value of re-exports increased by 11.3% to $286.6 billion in March 2013, while the value of domestic exports increased by 3.3% to $5.1 billion. Concurrently, the value of imports of goods increased by 11.3% over a year earlier to $340.9 billion in March 2013, after a year-on-year decrease of 18.3% in February 2013. A visible trade deficit of $49.1 billion, equivalent to 14.4% of the value of imports of goods, was recorded in March 2013.
For the first quarter of 2013 as a whole, the value of total exports of goods rose by 4.0% over the same period in 2012. Within this total, the value of re-exports increased by 4.0%, whereas the value of domestic exports decreased by 0.9%. Concurrently, the value of imports of goods increased by 4.9%. A visible trade deficit of $110.3 billion, equivalent to 12.0% of the value of imports of goods, was recorded in the first quarter of 2013.
Comparing the first quarter of 2013 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 1.2%. Within this total, the value of re-exports decreased by 1.2%, while the value of domestic exports went down by 2.4%. Meanwhile, the value of imports of goods decreased by 2.5%.
Analysis by country/territory
Comparing March 2013 with March 2012, total exports to Asia as a whole grew by 15.8%. In this region, double-digit increases were registered in the values of total exports to most major destinations, in particular Thailand (+24.9%), Taiwan (+24.0%), Korea (+21.0%), Vietnam (+18.0%) and the mainland of China (the Mainland) (+16.5%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the USA (+0.4%). Concurrently, decreases were registered in the values of total exports to the United Kingdom (-26.6%) and Germany (-14.7%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Korea (+30.8%), India (+22.9%), Taiwan (+16.2%), Malaysia (+16.2%), Thailand (+16.0%) and the Mainland (+13.8%).
For the first quarter of 2013 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Taiwan (+19.4%), Singapore (+8.3%) and the Mainland (+6.3%). However, year-on-year decreases were registered in the values of total exports to the United Kingdom (-10.1%), Germany (-6.5%) and Japan (-3.1%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Thailand (+13.4%), Taiwan (+10.3%) and the Mainland (+9.9%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-12.6%), Malaysia (-4.0%) and the USA (-3.4%).
Analysis by major commodity
Comparing March 2013 with March 2012, significant increases 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 $15.3 billion or 22.2%), "office machines and automatic data processing machines" (by $11.2 billion or 39.6%) and "non-metallic mineral manufactures" (by $3.1 billion or 25.1%).
Over the same period of comparison, significant 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 $20.7 billion or 27.6%), "office machines and automatic data processing machines" (by $10.0 billion or 36.8%) and "non-metallic mineral manufactures" (by $3.4 billion or 23.7%).
For the first quarter of 2013 as a whole, year-on-year increases 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 $15.2 billion or 7.3%), "office machines and automatic data processing machines" (by $8.8 billion or 9.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.9 billion or 5.4%).
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 $31.0 billion or 14.4%), "office machines and automatic data processing machines" (by $10.8 billion or 12.2%) and "professional, scientific and controlling instruments and apparatus" (by $4.3 billion or 23.3%).
Commentary
A Government spokesman noted that the value of merchandise exports rebounded notably in March over a year earlier, with strong growth across many Asian markets. Yet this was also helped in part by a low base of comparison last year.
The spokesman commented further that looking ahead, the external trading environment is likely to remain rather unsteady, with the prevailing weak final demand in the advanced economies still weighing on regional export activities. In addition, the effect of the labour dispute at the container terminal on trade flows, if any, has yet to be reflected in trade statistics, as the dispute started in late March. As such, Hong Kong's export performance might see some fluctuations in the period ahead. We will monitor the developments closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2013. Table 2 presents the original monthly trade statistics from January 2010 to March 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 March 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 March 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 March 2013 will be released in mid-May 2013.
The March 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 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/Thursday, April 25, 2013
Issued at HKT 16:30
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