External merchandise trade statistics for June 2014
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     The Census and Statistics Department (C&SD) released today (July 24) the external merchandise trade statistics for June 2014. In June 2014, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 11.4% and 7.6% respectively.

     In June 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.4% over a year earlier to $309.2 billion, after a year-on-year increase of 4.9% in May 2014. Within this total, the value of re-exports increased by 11.4% to $304.4 billion in June 2014, while the value of domestic exports increased by 7.3% to $4.8 billion. Concurrently, the value of imports of goods increased by 7.6% over a year earlier to $352.3 billion in June 2014, after a year-on-year increase of 3.7% in May 2014. A visible trade deficit of $43.1 billion, equivalent to 12.2% of the value of imports of goods, was recorded in June 2014.

     For the first half of 2014 as a whole, the value of total exports of goods rose by 2.8% over the same period in 2013. Within this total, the value of re-exports increased by 2.8%, while the value of domestic exports increased by 3.7%. Concurrently, the value of imports of goods increased by 3.3%. A visible trade deficit of $263.2 billion, equivalent to 13.3% of the value of imports of goods, was recorded in the first half of 2014.

     Comparing the second quarter of 2014 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 3.4%. Within this total, the value of re-exports increased by 3.4%, while the value of domestic exports went up by 3.7%. Meanwhile, the value of imports of goods increased by 1.3%.

Analysis by country/territory

     Comparing June 2014 with June 2013, total exports to Asia as a whole grew by 12.5%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+34.1%), Thailand (+16.6%), the mainland of China (the Mainland) (+13.9%), Vietnam (+13.5%) and Malaysia (+11.6%). On the other hand, a decrease was recorded in the value of total exports to Japan (-2.4%).

     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 United Kingdom (+13.3%), the USA (+5.7%) and Germany (+2.9%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Taiwan (+25.9%), Thailand (+12.5%), Singapore (+10.8%), the USA (+8.3%), Korea (+8.2%) and the Mainland (+7.8%). Concurrently, decreases were registered in the values of imports from India (-1.1%) and Japan (-0.4%).

     For the first half of 2014 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Vietnam (+10.8%), India (+6.9%), the United Kingdom (+2.3%), the Mainland (+1.9%) and the USA (+1.8%). However, a year-on-year decrease was registered in the value of total exports to Taiwan (-2.7%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Malaysia (+28.2%), Thailand (+14.8%), Taiwan (+13.1%), Korea (+9.7%) and Singapore (+5.7%). The value of imports from the Mainland also rose slightly by 0.3%.

Analysis by major commodity

     Comparing June 2014 with June 2013, 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 $19.4 billion or 26.2%), "office machines and automatic data processing machines" (by $4.2 billion or 13.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.1 billion or 5.9%).

     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 $17.9 billion or 19.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.9 billion or 7.9%) and "non-metallic mineral manufactures" (by $3.2 billion or 18.4%).

     For the first half 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 $54.9 billion or 11.9%) and "non-metallic mineral manufactures" (by $12.0 billion or 16.5%). However, year-on-year decreases were registered in the values of total exports of "office machines and automatic data processing machines" (by $7.4 billion or -3.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $6.8 billion or -6.4%).

     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 $77.5 billion or 14.9%) and "non-metallic mineral manufactures" (by $9.7 billion or 10.3%). However, year-on-year decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $18.6 billion or 9.5%) and "professional, scientific and controlling instruments and apparatus" (by $5.6 billion or -11.8%).

Commentary

     A Government spokesman noted that merchandise exports strengthened in June, with most major markets showing better performance.

     The spokesman commented further that looking ahead, the recovery of the advanced economies, if gains further momentum, should be supportive to Asia's exports, including those of Hong Kong. Nonetheless, the external environment remains unsteady, and is still subject to various uncertainties, including those arising from the US monetary policy normalisation, sluggish recovery of the eurozone economies, and heightened geopolitical tensions in various regions of the world. 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 June 2014. Table 2 presents the original monthly trade statistics from January 2011 to June 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 June 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 June 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 June 2014 will be released in mid-August 2014.

     The June 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August 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/Thursday, July 24, 2014
Issued at HKT 16:30

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