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The Census and Statistics Department (C&SD) released today (May 27) the external merchandise trade statistics for April 2014. In April 2014, the value of Hong Kong's total exports decreased by 1.6%, whereas the value of imports of goods increased by 2.4% over a year earlier.
In April 2014, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 1.6% over a year earlier to $285.7 billion, after a year-on-year increase of 3.4% in March 2014. Within this total, the value of re-exports decreased by 1.7% to $280.8 billion in April 2014, whereas the value of domestic exports increased by 8.1% to $4.9 billion. Concurrently, the value of imports of goods increased by 2.4% over a year earlier to $341.0 billion in April 2014, after a year-on-year increase of 3.2% in March 2014. A visible trade deficit of $55.3 billion, equivalent to 16.2% of the value of imports of goods, was recorded in April 2014.
For the first four months of 2014 as a whole, the value of total exports of goods rose slightly by 0.1% over the same period in 2013. Within this total, the value of re-exports remained virtually unchanged while the value of domestic exports increased by 1.1%. Concurrently, the value of imports of goods increased by 2.1%. A visible trade deficit of $178.4 billion, equivalent to 13.9% of the value of imports of goods, was recorded in the first four months of 2014.
Comparing the three-month period ending April 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 7.9%. Within this total, the value of re-exports decreased by 8.1%, whereas the value of domestic exports went up by 1.2%. Meanwhile, the value of imports of goods decreased by 5.1%.
Analysis by country/territory
Comparing April 2014 with April 2013, total exports to Asia as a whole went down by 1.6%. In this region, decreases were registered in the values of total exports to most major destinations, in particular the Philippines (-13.7%), Singapore (-8.4%), Taiwan (-7.8%), Malaysia (-3.6%), Japan (-3.5%), Korea (-2.6%), Thailand (-2.0%) and the mainland of China (the Mainland) (-1.1%). On the other hand, increases were recorded in the values of total exports to Vietnam (+10.3%) and India (+1.4%).
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 (-5.6%). Concurrently, increases were registered in the values of total exports to the United Kingdom (+7.7%) and Germany (+0.7%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+45.8%), Korea (+19.4%), Singapore (+17.0%), Thailand (+12.0%) and Japan (+11.4%). Concurrently, a decrease was registered in the value of imports from the Mainland (-1.7%).
For the first four months of 2014 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+10.0%), India (+4.3%) and Singapore (+0.6%). However, year-on-year decreases were registered in the values of total exports to Taiwan (-6.2%), the Mainland (-1.5%) and Japan (-1.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Malaysia (+30.4%), Thailand (+17.2%), Taiwan (+10.8%), Korea (+10.7%) and Japan (+4.7%). On the other hand, a year-on-year decrease was registered in the value of imports from the Mainland (-2.3%).
Analysis by major commodity
Comparing April 2014 with April 2013, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $4.3 billion or -12.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.9 billion or -7.0%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.0 billion or -10.5%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.9 billion or 9.5%).
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 $15.3 billion or 16.9%) and "petroleum, petroleum products and related materials" (by $2.0 billion or 27.7%). However, decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $4.5 billion or -13.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.8 billion or -5.1%).
For the first four months of 2014 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 $24.6 billion or 8.0%) and "non-metallic mineral manufactures" (by $7.5 billion or 15.7%). However, year-on-year decreases were registered in the values of total exports of "office machines and automatic data processing machines" (by $13.1 billion or -9.5%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $6.9 billion or -9.7%).
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 $44.7 billion or 13.2%) and "non-metallic mineral manufactures" (by $5.3 billion or 8.5%). However, year-on-year decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $19.0 billion or 14.3%) and "professional, scientific and controlling instruments and apparatus" (by $4.7 billion or -15.1%).
Commentary
A Government spokesman noted that merchandise exports relapsed to a slight year-on-year decline in value terms after a month of increase in March. Exports to the Mainland had another month of modest year-on-year decline against a high base of comparison, whereas the advanced markets' weaker year-on-year performance in April were partly due to the different timing of Easter holidays in 2013 and 2014. Viewing March and April altogether, exports to the US and Europe did show some improvement from the rather weak performance at the beginning of the year.
The spokesman commented further that looking ahead, the pick-up in the advanced economies, if continued and translated into stronger demand, should provide support to Asia's trade flows to the benefit of Hong Kong. Nevertheless, the external environment is still subject to uncertainties, including those associated with the future path of US monetary policy and also the geopolitical tensions in various parts of the world lately. The Government will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2014. Table 2 presents the original monthly trade statistics from January 2011 to April 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 April 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 April 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 April 2014 will be released in mid-June 2014.
The April 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June 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, May 27, 2014
Issued at HKT 16:31
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