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The Census and Statistics Department (C&SD) released today (September 25) the external merchandise trade statistics for August 2014. In August 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 6.4% and 3.4% respectively.
In August 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.4% over a year earlier to $327.2 billion, after a year-on-year increase of 6.8% in July 2014. Within this total, the value of re-exports increased by 6.4% to $321.9 billion in August 2014, while the value of domestic exports increased by 7.2% to $5.3 billion. Concurrently, the value of imports of goods increased by 3.4% over a year earlier to $358.8 billion in August 2014, after a year-on-year increase of 7.5% in July 2014. A visible trade deficit of $31.5 billion, equivalent to 8.8% of the value of imports of goods, was recorded in August 2014.
For the first eight months of 2014 as a whole, the value of total exports of goods rose by 3.8% over the same period in 2013. Within this total, the value of re-exports increased by 3.8%, while the value of domestic exports increased by 4.6%. Concurrently, the value of imports of goods increased by 3.9%. A visible trade deficit of $336.0 billion, equivalent to 12.4% of the value of imports of goods, was recorded in the first eight months of 2014.
Comparing the three-month period ending August 2014 with the preceding three months 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 3.5%, whereas the value of domestic exports went down by 2.8%. Meanwhile, the value of imports of goods increased by 1.6%.
Analysis by country/territory
Comparing August 2014 with August 2013, total exports to Asia as a whole grew by 5.8%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+38.1%), Thailand (+32.7%), Malaysia (+23.8%), Taiwan (+13.7%) and Vietnam (+13.3%). The value of total exports to the mainland of China (the Mainland) also rose by 3.9%.
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 (+9.4%) and the USA (+5.7%). Concurrently, a decrease was registered in the value of total exports to Germany (-7.8%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Taiwan (+25.9%), Malaysia (+21.6%), Thailand (+14.5%), Singapore (+4.4%), Korea (+1.9%) and the Mainland (+1.8%). Concurrently, decreases were registered in the values of imports from Switzerland (-4.1%), Japan (-3.7%) and India (-2.3%).
For the first eight months of 2014 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+13.1%), Vietnam (+12.3%), Korea (+4.7%), the United Kingdom (+3.0%) and the Mainland (+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 (+25.0%), Taiwan (+15.0%), Thailand (+14.6%), Korea (+9.6%) and Singapore (+7.1%). The value of imports from the Mainland also rose by 1.5%.
Analysis by major commodity
Comparing August 2014 with August 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 $14.3 billion or 16.7%), "office machines and automatic data processing machines" (by $3.0 billion or 8.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.4 billion or 4.0%).
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 18.5%) and "non-metallic mineral manufactures" (by $0.7 billion or 4.3%). However, decreases were registered in the values of imports of "professional, scientific and controlling instruments and apparatus" (by $1.3 billion or -15.3%) and "office machines and automatic data processing machines" (by $1.2 billion or -3.6%).
For the first eight 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 $81.1 billion or 12.8%), "non-metallic mineral manufactures" (by $14.9 billion or 15.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.3 billion or 1.4%). However, a year-on-year decrease was registered in the value of total exports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.6 billion or -5.9%).
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 $115.3 billion or 16.2%) and "non-metallic mineral manufactures" (by $11.3 billion or 9.0%). However, year-on-year decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $20.7 billion or 7.9%) and "professional, scientific and controlling instruments and apparatus" (by $6.7 billion or -10.7%).
Commentary
A Government spokesman noted that merchandise exports continued to expand solidly in August, supported by further growth across most major markets.
The spokesman commented further that Hong Kong's export outlook is, however, still overshadowed by various uncertainties, including those associated with the modest recovery in some advanced economies, divergence of monetary policy among major central banks, and geopolitical tensions in various parts of the world. As such, despite the improvement in recent months, Hong Kong's export performance could still be somewhat unsteady in the near term. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for August 2014. Table 2 presents the original monthly trade statistics from January 2011 to August 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 August 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 August 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 August 2014 will be released in mid-October 2014.
The August 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the August 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-October 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, September 25, 2014
Issued at HKT 16:32
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