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External merchandise trade statistics for September 2013
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     The Census and Statistics Department (C&SD) released today (October 24) the external merchandise trade statistics for September 2013. In September 2013, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 1.5% and 0.4% respectively.

     In September 2013, the value of total exports of goods (comprising re-exports and domestic exports) increased by 1.5% over a year earlier to $317.8 billion, after a year-on-year decrease of 1.3% in August 2013. Within this total, the value of re-exports increased by 1.8% to $313.4 billion in September 2013, whereas the value of domestic exports decreased by 18.0% to $4.4 billion. Concurrently, the value of imports of goods increased by 0.4% over a year earlier to $359.8 billion in September 2013, after a year-on-year decrease of 0.2% in August 2013. A visible trade deficit of $42.0 billion, equivalent to 11.7% of the value of imports of goods, was recorded in September 2013.

     For the first nine months of 2013 as a whole, the value of total exports of goods rose by 3.2% over the same period in 2012. Within this total, the value of re-exports increased by 3.4%, whereas the value of domestic exports decreased by 7.3%. Concurrently, the value of imports of goods increased by 3.6%. A visible trade deficit of $364.5 billion, equivalent to 12.3% of the value of imports of goods, was recorded in the first nine months of 2013.

     Comparing the third quarter of 2013 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.3%. Within this total, the value of re-exports increased by 2.4%, whereas the value of domestic exports went down by 1.3%. Meanwhile, the value of imports of goods increased by 2.1%.

Analysis by country/territory

     Comparing September 2013 with September 2012, total exports to Asia as a whole grew by 1.7%. In this region, increases were registered in the values of total exports to some major destinations, in particular Korea (+26.9%), Vietnam (+20.9%), India (+11.8%) and the mainland of China (the Mainland) (+1.9%). On the other hand, decreases were recorded in the values of total exports to the Philippines (-12.6%), Japan (-12.0%) and Malaysia (-10.3%).

     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-5.8%), the United Kingdom (-3.2%) and the USA (-0.2%).

     Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Malaysia (+33.7%), the USA (+17.6%) and the Mainland (+4.0%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Singapore (-17.6%), Korea (-12.9%) and Japan (-8.0%).

     For the first nine 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 (+13.3%), India (+6.1%), Korea (+5.5%) and the Mainland (+5.0%). However, year-on-year decreases were registered in the values of total exports to Japan (-6.6%), the United Kingdom (-4.2%) and Germany (-4.1%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular India (+7.6%), Taiwan (+6.5%) and the Mainland (+6.4%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-10.1%), Switzerland (-3.0%) and Malaysia (-0.9%).
 
Analysis by major commodity

     Comparing September 2013 with September 2012, 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 $9.6 billion or 16.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.4 billion or 10.2%). However, decreases were registered in the values of total exports of "office machines and automatic data processing machines" (by $6.6 billion or -16.4%) and "professional, scientific and controlling instruments and apparatus" (by $1.2 billion or -14.9%).

     Over the same period of comparison, increases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.1 billion or 8.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.6 billion or 8.0%). However, decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $4.3 billion or -11.3%) and "petroleum, petroleum products and related materials" (by $3.5 billion or -29.6%).

     For the first nine 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 $49.3 billion or 7.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $48.0 billion or 10.6%) and "non-metallic mineral manufactures" (by $13.8 billion or 14.0%).

     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 $69.0 billion or 9.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $30.0 billion or 6.7%) and "non-metallic mineral manufactures" (by $14.4 billion or 11.0%).
 
Commentary

     A Government spokesman noted that merchandise exports reverted to a modest year-on-year growth in September following a mild dip in August, reflecting the rather unsteady external environment in recent months.

     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 see fluctuations in the near term. The Government will monitor the developments closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2013. Table 2 presents the original monthly trade statistics from January 2010 to September 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 September 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 September 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 September 2013 will be released in mid-November 2013.

     The September 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 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, October 24, 2013
Issued at HKT 16:30

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