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The Census and Statistics Department (C&SD) released today (September 26) the external merchandise trade statistics for August 2013. In August 2013, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 1.3% and 0.2% respectively.
In August 2013, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 1.3% over a year earlier to $307.5 billion, after a year-on-year increase of 10.6% in July 2013. Within this total, the value of re-exports decreased by 1.2% to $302.6 billion in August 2013, while the value of domestic exports decreased by 10.4% to $4.9 billion. Concurrently, the value of imports of goods decreased by 0.2% over a year earlier to $347.1 billion in August 2013, after a year-on-year increase of 8.3% in July 2013. A visible trade deficit of $39.6 billion, equivalent to 11.4% of the value of imports of goods, was recorded in August 2013.
For the first eight months of 2013 as a whole, the value of total exports of goods rose by 3.5% over the same period in 2012. Within this total, the value of re-exports increased by 3.6%, whereas the value of domestic exports decreased by 5.8%. Concurrently, the value of imports of goods increased by 4.1%. A visible trade deficit of $322.6 billion, equivalent to 12.4% of the value of imports of goods, was recorded in the first eight months of 2013.
Comparing the three-month period ending August 2013 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 5.1%. Within this total, the value of re-exports decreased by 5.1%, while the value of domestic exports went down by 4.2%. Meanwhile, the value of imports of goods decreased by 3.9%.
Analysis by country/territory
Comparing August 2013 with August 2012, total exports to Asia as a whole went down by 2.3%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Malaysia (-16.7%), Japan (-5.2%), the Philippines (-3.6%) and the mainland of China (the Mainland) (-3.6%). On the other hand, increases were recorded in the values of total exports to Vietnam (+31.7%) and India (+8.1%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the USA (-2.6%). Concurrently, increases were registered in the values of total exports to the United Kingdom (+5.5%) and Germany (+1.1%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Japan (-9.8%), Thailand (-2.3%), Taiwan (-2.2%) and the Mainland (-0.8%). Concurrently, increases were registered in the values of imports from some major suppliers, in particular India (+27.1%), Korea (+7.0%) and Switzerland (+5.9%).
For the first eight 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 (+12.4%), Singapore (+5.9%) and the Mainland (+5.4%). However, year-on-year decreases were registered in the values of total exports to Japan (-5.8%), the United Kingdom (-4.3%) and Germany (-3.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular India (+9.0%), Korea (+8.1%), Taiwan (+7.2%), and the Mainland (+6.7%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-10.4%), Malaysia (-4.8%) and Switzerland (-3.7%).
Analysis by major commodity
Comparing August 2013 with August 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 $6.2 billion or -15.2%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.5 billion or -6.4%). However, increases were registered in the values of total exports of "non-metallic mineral manufactures" (by $3.1 billion or 35.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.0 billion or 5.4%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $5.7 billion or -14.5%) and "petroleum, petroleum products and related materials" (by $1.9 billion or -17.8%). However, increases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.1 billion or 3.3%) and "non-metallic mineral manufactures" (by $2.5 billion or 19.0%).
For the first eight 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 $40.9 billion or 6.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $38.4 billion or 9.6%) and "non-metallic mineral manufactures" (by $11.4 billion or 13.2%).
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 $61.0 billion or 9.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.3 billion or 6.5%) and "non-metallic mineral manufactures" (by $13.0 billion or 11.6%).
Commentary
A Government spokesman noted that merchandise exports relapsed to a modest year-on-year decline in August, after a notable rebound in July. Exports to the US and Japan fell, while those to Europe improved and those to other Asian markets showed a mixed performance.
The spokesman commented further that looking ahead, the external environment will remain challenging given the tepid recovery of the advanced economies, the slower growth in emerging markets and the uncertainty arising from the US monetary policy and fiscal issues. As such, Hong Kong's export performance may still be subject to further 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 August 2013. Table 2 presents the original monthly trade statistics from January 2010 to August 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 August 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 August 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 August 2013 will be released in mid-October 2013.
The August 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the August 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-October 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, September 26, 2013
Issued at HKT 16:30
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