External merchandise trade statistics for November 2013
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     The Census and Statistics Department (C&SD) released today (December 30) the external merchandise trade statistics for November 2013. In November 2013, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 5.8% and 5.2% respectively.

     In November 2013, the value of total exports of goods (comprising re-exports and domestic exports) increased by 5.8% over a year earlier to $325.5 billion, after a year-on-year increase of 8.8% in October 2013. Within this total, the value of re-exports increased by 6.0% to $320.9 billion in November 2013, whereas the value of domestic exports decreased by 10.4% to $4.6 billion. Concurrently, the value of imports of goods increased by 5.2% over a year earlier to $370.1 billion in November 2013, after a year-on-year increase of 6.3% in October 2013. A visible trade deficit of $44.6 billion, equivalent to 12.0% of the value of imports of goods, was recorded in November 2013.

     For the first 11 months 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 4.2%, whereas the value of domestic exports decreased by 7.6%. Concurrently, the value of imports of goods increased by 4.0%. A visible trade deficit of $446.7 billion, equivalent to 12.1% of the value of imports of goods, was recorded in the first 11 months of 2013.

     Comparing the three-month period ending November 2013 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 7.7%. Within this total, the value of re-exports increased by 7.9%, whereas the value of domestic exports went down by 4.1%. Meanwhile, the value of imports of goods increased by 7.6%.

Analysis by country/territory

     Comparing November 2013 with November 2012, total exports to Asia as a whole grew by 4.3%. In this region, increases were registered in the values of total exports to most major destinations, in particular Vietnam (+20.5%), Korea (+17.9%), the Philippines (+5.9%), India (+5.0%) and the mainland of China (the Mainland) (+3.7%). On the other hand, decreases were recorded in the values of total exports to Taiwan (-5.2%) and Malaysia (-0.2%).

     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 (+2.0%). Concurrently, decreases were registered in the values of total exports to Germany (-7.7%) and the United Kingdom (-0.6%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+26.1%), the USA (+22.1%), Taiwan (+11.1%), Korea (+10.9%), Thailand (+10.4%) and the Mainland (+5.6%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular India (-18.3%) and Switzerland (-5.2%).

     For the first 11 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 (+14.7%), Korea (+8.5%) and the Mainland (+5.4%). However, year-on-year decreases were registered in the values of total exports to Japan (-4.8%), Germany (-4.6%) and the United Kingdom (-2.5%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular the Mainland (+6.3%), Taiwan (+6.3%) and India (+6.2%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-8.3%) and Switzerland (-2.2%).

Analysis by major commodity

     Comparing November 2013 with November 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 $10.5 billion or 18.0%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $9.3 billion or 11.0%) and "non-metallic mineral manufactures" (by $3.3 billion or 33.3%). However, decreases were registered in the values of total exports of "office machines and automatic data processing machines" (by $3.7 billion or -9.2%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $2.9 billion or -10.9%).

     Over the same period of comparison, 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 $9.0 billion or 9.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.2 billion or 11.8%) and "non-metallic mineral manufactures" (by $1.6 billion or 11.3%). However, decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $2.5 billion or -6.4%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.0 billion or -3.8%).

     For the first 11 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 $78.4 billion or 9.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $66.4 billion or 11.6%) and "non-metallic mineral manufactures" (by $18.8 billion or 15.5%).

     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 $92.4 billion or 10.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $40.4 billion or 7.1%) and "non-metallic mineral manufactures" (by $18.7 billion or 11.8%).

Commentary

     A Government spokesman noted that exports showed some relative improvement in recent months. Despite a high base of comparison a year ago, merchandise exports still attained a solid year-on-year growth in November, thanks to the more positive developments in the advanced markets.

     The spokesman commented further that while the acute risks have apparently receded, the external trading environment is still subject to uncertainties. The major concern would come from the uncertainty about the future path of the Federal Reserve's monetary policy and its possible impacts on the emerging market economies. The uneven recovery of the eurozone economy and slower growth in some major emerging markets are also areas to watch over. The Government will monitor the external developments closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2013. Table 2 presents the original monthly trade statistics from January 2010 to November 2013, and Table 3 gives the seasonally adjusted series for the same period.

     The values of total exports of goods to 10 main destinations for November 2013 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.

     Table 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for November 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 November 2013 will be released in mid-January 2014.

     The November 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 2014. 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/Monday, December 30, 2013
Issued at HKT 16:30

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