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The Census and Statistics Department (C&SD) released today (January 27) the external merchandise trade statistics for December 2013. In December 2013, the value of Hong Kong's total exports of goods remained virtually unchanged from a year earlier, whereas the value of imports of goods increased by 1.8%.
In December 2013, the value of total exports of goods (comprising re-exports and domestic exports) remained virtually unchanged from a year earlier at $310.9 billion, after a year-on-year increase of 5.8% in November 2013. Within this total, the value of re-exports increased by 0.1% to $306.3 billion in December 2013, whereas the value of domestic exports decreased by 7.9% to $4.6 billion. Concurrently, the value of imports of goods increased by 1.8% over a year earlier to $365.2 billion in December 2013, after a year-on-year increase of 5.2% in November 2013. A visible trade deficit of $54.4 billion, equivalent to 14.9% of the value of imports of goods, was recorded in December 2013.
For 2013 as a whole, the value of total exports of goods rose by 3.6% over the same period in 2012. Within this total, the value of re-exports increased by 3.8%, whereas the value of domestic exports decreased by 7.6%. Concurrently, the value of imports of goods increased by 3.8%. A visible trade deficit of $501.0 billion, equivalent to 12.3% of the value of imports of goods, was recorded in 2013.
Comparing the fourth quarter of 2013 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 6.5%. Within this total, the value of re-exports increased by 6.6%, whereas the value of domestic exports went down by 0.6%. Meanwhile, the value of imports of goods increased by 6.1%.
Analysis by country/territory
Comparing December 2013 with December 2012, total exports to Asia as a whole grew by 0.4%. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+38.4%), Vietnam (+22.6%), Korea (+13.6%), Indonesia (+5.3%), Singapore (+2.3%), Thailand (+0.6%) and the mainland of China (the Mainland) (+0.5%). On the other hand, decreases were recorded in the values of total exports to Taiwan (-31.2%) and Japan (-18.9%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations, in particular Germany (-11.1%) and the USA (-7.0%). Concurrently, an increase was registered in the value of total exports to the United Kingdom (+2.8%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular the USA (+31.8%), India (+14.6%), Taiwan (+13.7%), Malaysia (+10.0%) and Thailand (+9.4%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Japan (-5.8%), Korea (-4.7%), Singapore (-2.1%) and the Mainland (-1.9%).
For 2013 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+15.5%), Korea (+9.0%), India (+7.9%) and the Mainland (+4.9%). However, year-on-year decreases were registered in the values of total exports to Japan (-6.1%), Germany (-5.1%) and Taiwan (-4.3%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular the USA (+7.4%), Taiwan (+6.9%), India (+6.7%), Thailand (+6.4%) and the Mainland (+5.5%). On the other hand, year-on-year decreases were registered in the values of imports from Japan (-8.1%) and Switzerland (-1.7%).
Analysis by major commodity
Comparing December 2013 with December 2012, decreases were registered in the values of total exports of some principal commodity divisions, in particular "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $4.6 billion or -19.1%) and "office machines and automatic data processing machines" (by $1.3 billion or -3.4%). However, increases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.1 billion or 5.3%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.0 billion or 2.4%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $1.4 billion or 15.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.4 billion or 2.3%). However, decreases were registered in the values of imports of "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $3.8 billion or -14.8%) and "office machines and automatic data processing machines" (by $1.8 billion or -4.6%).
For 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 $80.4 billion or 8.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $69.4 billion or 11.0%) and "non-metallic mineral manufactures" (by $19.7 billion or 14.8%).
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 $90.7 billion or 8.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $41.8 billion or 6.7%) and "non-metallic mineral manufactures" (by $18.7 billion or 10.7%).
Commentary
A Government spokesman noted that the value of merchandise exports in December 2013 was virtually flat from a year earlier, largely due to a high base of comparison. On a seasonally adjusted basis, exports recorded notable quarter-to-quarter growth in the fourth quarter, reflecting some relative improvement in the external environment in recent months.
The spokesman commented further that while the recent improvement in global economic conditions, if continues, could support Hong Kong's external trade going forward, the trading environment is still vulnerable to various uncertainties, particularly the future path of the Federal Reserve's monetary policy and its possible impacts on the emerging market economies, alongside the uneven recovery of the eurozone economy. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2013. Table 2 presents the original monthly trade statistics from January 2010 to December 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 December 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 December 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 December 2013 will be released in mid-February 2014.
The December 2013 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2013. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2013 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 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, January 27, 2014
Issued at HKT 16:30
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