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The Census and Statistics Department (C&SD) released today (October 27) the external merchandise trade statistics for September 2014. In September 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 4.5% and 6.3% respectively.
In September 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 4.5% over a year earlier to $332.0 billion, after a year-on-year increase of 6.4% in August 2014. Within this total, the value of re-exports increased by 4.6% to $327.8 billion in September 2014, whereas the value of domestic exports decreased by 5.5% to $4.2 billion. Concurrently, the value of imports of goods increased by 6.3% over a year earlier to $382.4 billion in September 2014, after a year-on-year increase of 3.4% in August 2014. A visible trade deficit of $50.4 billion, equivalent to 13.2% of the value of imports of goods, was recorded in September 2014.
For the first nine months of 2014 as a whole, the value of total exports of goods rose by 3.9% over the same period in 2013. Within this total, the value of re-exports increased by 3.9%, while the value of domestic exports increased by 3.5%. Concurrently, the value of imports of goods increased by 4.1%. A visible trade deficit of $386.2 billion, equivalent to 12.5% of the value of imports of goods, was recorded in the first nine months of 2014.
Comparing the third quarter of 2014 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 3.7%. Within this total, the value of re-exports increased by 3.9%, whereas the value of domestic exports went down by 6.5%. Meanwhile, the value of imports of goods increased by 3.4%.
Analysis by country/territory
Comparing September 2014 with September 2013, total exports to Asia as a whole grew by 4.5%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+29.1%), the Philippines (+18.4%), Vietnam (+16.2%), Malaysia (+15.3%) and Thailand (+14.2%). The value of total exports to the mainland of China (the Mainland) also rose by 3.6%. On the other hand, decreases were recorded in the values of total exports to Korea (-20.5%) and Japan (-2.6%).
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 USA (+1.3%). Concurrently, decreases were registered in the values of total exports to the United Kingdom (-6.4%) and Germany (-4.5%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+20.3%), Switzerland (+18.5%), Taiwan (+18.3%), Thailand (+15.3%), Singapore (+8.1%) and the Mainland (+5.5%). Concurrently, decreases were registered in the values of imports from Japan (-5.1%) and the USA (-3.8%).
For the first nine 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 (+15.1%), Vietnam (+12.7%), the Mainland (+2.8%), Taiwan (+2.3%) and the United Kingdom (+1.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Malaysia (+21.8%), Taiwan (+15.4%), Thailand (+14.7%), Korea (+8.8%) and Singapore (+7.2%). The value of imports from the Mainland also rose by 2.0%.
Analysis by major commodity
Comparing September 2014 with September 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 $8.9 billion or 9.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.1 billion or 6.2%) and "non-metallic mineral manufactures" (by $3.7 billion or 23.6%).
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 $12.2 billion or 12.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or 13.6%) and "non-metallic mineral manufactures" (by $3.3 billion or 17.3%).
For the first nine 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 $90.1 billion or 12.4%), "non-metallic mineral manufactures" (by $18.6 billion or 16.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.4 billion or 2.1%). 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 $11.0 billion or -6.5%).
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 $127.5 billion or 15.7%), "non-metallic mineral manufactures" (by $14.6 billion or 10.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.6 billion or 2.7%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $20.7 billion or 7.0%).
Commentary
A Government spokesman noted that the value of merchandise exports grew further in September over a year earlier, though somewhat slower than in the past few months. While the performance of major advanced markets was still weak, exports to the Mainland grew steadily, and many Asian and Middle East markets attained visible growth, thereby rendering the key drivers of the further export growth in September.
The spokesman commented further that looking ahead, the outlook of Hong Kong's exports is still overshadowed by the sluggish recovery in some major advanced economies. The headwinds arising from the divergence of monetary policy among major central banks and geopolitical tensions in various parts of the world could also add uncertainties. As such, 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 September 2014. Table 2 presents the original monthly trade statistics from January 2011 to September 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 September 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 September 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 September 2014 will be released in mid-November 2014.
The September 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 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, October 27, 2014
Issued at HKT 16:30
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