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The Census and Statistics Department (C&SD) released today (August 27) the external merchandise trade statistics for July 2013. In July 2013, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 10.6% and 8.3% respectively.
In July 2013, the value of total exports of goods (comprising re-exports and domestic exports) increased by 10.6% over a year earlier to $305.4 billion, after a year-on-year decrease of 0.2% in June 2013. Within this total, the value of re-exports increased by 10.9% to $300.6 billion in July 2013, whereas the value of domestic exports decreased by 6.7% to $4.8 billion. Concurrently, the value of imports of goods increased by 8.3% over a year earlier to $342.6 billion in July 2013, after a year-on-year increase of 1.4% in June 2013. A visible trade deficit of $37.2 billion, equivalent to 10.8% of the value of imports of goods, was recorded in July 2013.
For the first seven months of 2013 as a whole, the value of total exports of goods rose by 4.3% over the same period in 2012. Within this total, the value of re-exports increased by 4.4%, whereas the value of domestic exports decreased by 5.0%. Concurrently, the value of imports of goods increased by 4.7%. A visible trade deficit of $283.3 billion, equivalent to 12.5% of the value of imports of goods, was recorded in the first seven months of 2013.
Comparing the three-month period ending July 2013 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.8%. Within this total, the value of re-exports decreased by 3.8%, while the value of domestic exports went down by 4.3%. Meanwhile, the value of imports of goods decreased by 2.7%.
Analysis by country/territory
Comparing July 2013 with July 2012, total exports to Asia as a whole grew by 12.0%. In this region, increases were registered in the values of total exports to most major destinations, in particular Vietnam (+23.7%), Singapore (+15.5%), the mainland of China (the Mainland) (+14.4%), Thailand (+12.1%) and the Philippines (+8.3%). On the other hand, decreases were recorded in the values of total exports to Japan (-8.5%) and Korea (-3.7%).
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 United Kingdom (+15.1%), Germany (+3.4%) and the USA (+2.9%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+21.3%), Malaysia (+18.4%), Korea (+12.7%), Thailand (+11.3%), Switzerland (+10.1%) and the Mainland (+9.8%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Japan (-4.1%) and the USA (-3.5%).
For the first seven months of 2013 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+9.8%), the Mainland (+7.0%) and Singapore (+6.9%). However, year-on-year decreases were registered in the values of total exports to the United Kingdom (-6.0%), Japan (-5.8%) and Germany (-4.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Taiwan (+8.8%), Korea (+8.3%) and the Mainland (+8.1%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-10.5%), Malaysia (-5.5%) and Switzerland (-4.7%).
Analysis by major commodity
Comparing July 2013 with July 2012, 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 $9.5 billion or 12.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.6 billion or 18.3%) and "office machines and automatic data processing machines" (by $6.4 billion or 22.4%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.6 billion or 7.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.7 billion or 11.9%) and "office machines and automatic data processing machines" (by $4.0 billion or 13.6%).
For the first seven 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 $39.9 billion or 7.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.2 billion or 10.3%) and "non-metallic mineral manufactures" (by $8.3 billion or 10.7%).
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 $58.0 billion or 10.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.9 billion or 7.2%) and "non-metallic mineral manufactures" (by $10.6 billion or 10.6%).
Commentary
A Government spokesman noted that the performance of merchandise exports improved in July. Exports to the Mainland and many other Asian markets grew notably over a year earlier, helped partly by a relatively low base of comparison, while those to the US and Europe also saw some improvement.
The spokesman commented further that looking ahead, the external environment will remain unsteady given the tepid recovery of the advanced economies and the uncertainty about the future directions of the US monetary policy. Hong Kong's export performance may 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 July 2013. Table 2 presents the original monthly trade statistics from January 2010 to July 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 July 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 July 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 July 2013 will be released in mid-September 2013.
The July 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September 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, August 27, 2013
Issued at HKT 16:30
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