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The Census and Statistics Department (C&SD) released today (June 25) the external merchandise trade statistics for May 2013. In May 2013, the value of Hong Kong's total exports of goods decreased by 1.0%, whereas the value of imports of goods increased by 1.7% over a year earlier.
In May 2013, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 1.0% over a year earlier to $291.5 billion, after a year-on-year increase of 9.0% in April 2013. Within this total, the value of re-exports decreased by 0.9% to $286.7 billion in May 2013, while the value of domestic exports decreased by 9.0% to $4.8 billion. Concurrently, the value of imports of goods increased by 1.7% over a year earlier to $335.8 billion in May 2013, after a year-on-year increase of 7.7% in April 2013. A visible trade deficit of $44.3 billion, equivalent to 13.2% of the value of imports of goods, was recorded in May 2013.
For the first five months of 2013 as a whole, the value of total exports of goods rose by 3.9% 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 3.5%. Concurrently, the value of imports of goods increased by 4.7%. A visible trade deficit of $197.0 billion, equivalent to 12.4% of the value of imports of goods, was recorded in the first five months of 2013.
Comparing the three-month period ending May 2013 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 0.4%. Within this total, the value of re-exports decreased by 0.4%, while the value of domestic exports went down slightly by 0.1%. Meanwhile, the value of imports of goods increased by 0.7%.
Analysis by country/territory
Comparing May 2013 with May 2012, total exports to Asia as a whole grew by 0.7%. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+24.9%), Vietnam (+11.3%), Korea (+4.5%), the Philippines (+0.8%) and the mainland of China (the Mainland) (+0.7%). On the other hand, decreases were recorded in the values of total exports to Japan (-12.1%), Malaysia (-10.2%) and Taiwan (-9.9%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-11.1%), the United Kingdom (-9.0%) and the USA (-7.9%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Korea (+22.3%), Taiwan (+10.1%), the USA (+5.2%), India (+3.1%), Thailand (+2.9%) and the Mainland (+1.5%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Malaysia (-24.7%), Japan (-14.3%) and Switzerland (-7.7%).
For the first five months of 2013 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular India (+8.1%), the Mainland (+6.9%) and Vietnam (+6.1%). However, year-on-year decreases were registered in the values of total exports to the United Kingdom (-10.6%), Germany (-6.7%) and Japan (-5.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Taiwan (+11.8%), Korea (+10.4%) and the Mainland (+9.0%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-13.3%), Malaysia (-11.9%) and Switzerland (-6.3%).
Analysis by major commodity
Comparing May 2013 with May 2012, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $8.3 billion or -20.7%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.2 billion or -6.3%). However, increases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.6 billion or 10.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.6 billion or 4.7%).
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 $7.0 billion or 14.7%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.6 billion or 7.7%). However, decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $7.8 billion or -20.2%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $0.6 billion or -2.9%).
For the first five 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 "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $29.9 billion or 8.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.7 billion or 10.2%) and "professional, scientific and controlling instruments and apparatus" (by $7.8 billion or 27.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $48.2 billion or 12.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $18.7 billion or 8.0%) and "professional, scientific and controlling instruments and apparatus" (by $7.7 billion or 24.3%).
Commentary
A Government spokesman noted that the value of merchandise exports relapsed to a modest year-on-year decline in May, amid sustained weakness in the advanced markets as well as mixed performance across many major Asian markets, signifying a still unsteady trading environment.
The spokesman commented further that looking ahead, the constrained pace of recovery in some advanced economies will continue to weigh on final demand there, and in turn affect Asia's trade flows. Hong Kong's export performance will likely still see some fluctuations in the near term. We will monitor the developments closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2013. Table 2 presents the original monthly trade statistics from January 2010 to May 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 May 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 May 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 May 2013 will be released in mid-July 2013.
The May 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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, June 25, 2013
Issued at HKT 16:30
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