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The Census and Statistics Department (C&SD) released today (February 25) the external merchandise trade statistics for January 2014. In January 2014, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 0.4% and 2.7% respectively.
In January 2014, the value of total exports of goods (comprising re-exports and domestic exports) decreased slightly by 0.4% over a year earlier to $303.5 billion, after remained virtually unchanged from a year earlier in December 2013. Within this total, the value of re-exports decreased by 0.4% to $299.2 billion in January 2014, while the value of domestic exports decreased by 4.3% to $4.3 billion. Concurrently, the value of imports of goods decreased by 2.7% over a year earlier to $323.4 billion in January 2014, after a year-on-year increase of 1.8% in December 2013. A visible trade deficit of $20.0 billion, equivalent to 6.2% of the value of imports of goods, was recorded in January 2014.
Comparing the three-month period ending January 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 5.4%. Within this total, the value of re-exports increased by 5.4%, while the value of domestic exports went up by 6.3%. Meanwhile, the value of imports of goods increased by 4.8%.
Analysis by country/territory
Comparing January 2014 with January 2013, total exports to Asia as a whole went down by 4.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-22.6%), Singapore (-7.9%), the mainland of China (the Mainland) (-6.5%) and Vietnam (-1.5%). On the other hand, increases were recorded in the values of total exports to Thailand (+18.7%), India (+13.4%) and Korea (+13.2%).
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 United Kingdom (-7.4%) and Germany (-0.3%). Concurrently, an increase was registered in the values of total exports to the USA (+9.7%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular India (-15.7%), Japan (-14.7%), Switzerland (-14.5%), Singapore (-8.3%) and the Mainland (-5.7%). Concurrently, increases were registered in the values of imports from some major suppliers, in particular Malaysia (+32.8%), Korea (+14.8%) and Thailand (+13.8%).
Comparing the three months ending January 2014 with the three months ending January 2013, year-on-year increases were registered in the values of total exports to some major destinations, in particular India (+19.4%), Korea (+14.7%), Vietnam (+13.4%) and the USA (+1.7%). However, year-on-year decreases were registered in the value of total exports to some major destinations, in particular Taiwan (-21.4%), Germany (-6.3%), Japan (-4.3%), the United Kingdom (-1.9%), Singapore (-0.8%) and the Mainland (-0.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Malaysia (+22.6%), the USA (+20.0%) and Thailand (+10.9%). On the other hand, year-on-year decreases were registered in the values of imports from India (-7.8%), Switzerland (-5.2%), Japan (-5.1%), Singapore (-2.9%) and the Mainland (-0.7%).
Analysis by major commodity
Comparing January 2014 with January 2013, decreases 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 $3.1 billion or -5.1%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.8 billion or -13.4%). However, increases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.9 billion or 3.6%) and "office machines and automatic data processing machines" (by $2.2 billion or 6.3%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.2 billion or -21.5%), "office machines and automatic data processing machines" (by $4.6 billion or -13.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.7 billion or -6.5%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.2 billion or 6.0%).
Comparing the three months ending January 2014 with the three months ending January 2013, 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 $14.1 billion or 5.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.5 billion or 5.9%). However, year-on-year decreases were registered in the values of total exports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $10.3 billion or -14.4%) and "office machines and automatic data processing machines" (by $2.6 billion or -2.4%).
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 $12.5 billion or 4.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.9 billion or 2.7%). However, year-on-year decreases were registered in the value of imports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $10.1 billion or -13.0%) and "office machines and automatic data processing machines" (by $9.1 billion or -8.0%).
Commentary
A Government spokesman noted that the value of merchandise exports recorded a marginal year-on-year decline in January 2014. Major Asian markets showed a mixed performance while advanced markets recorded some rebounds. Nevertheless, the trade figures for January were somewhat distorted by the different timing of the Chinese New Year, which fell in late January and early February this year but in mid-February last year. It would thus be more meaningful to analyse the trade figures for January and February combined for a clearer picture of the underlying trend.
The spokesman commented further that looking ahead, the recent improvement in global economic conditions, if continued, should provide some support to Hong Kong's external trade. However, the trading environment is still vulnerable to various uncertainties, including the future path of the US Federal Reserve's monetary policy and its possible impacts on the emerging market economies, as well as 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 January 2014. Table 2 presents the original monthly trade statistics from January 2011 to January 2014, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for January 2014 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 January 2014.
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 January 2014 will be released in mid-March 2014.
The January 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the January 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-March 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/Tuesday, February 25, 2014
Issued at HKT 16:30
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