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The Census and Statistics Department (C&SD) released today (December 29) the external merchandise trade statistics for November 2014. In November 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 0.4% and 2.4% respectively.
In November 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 0.4% over a year earlier to $326.8 billion, after a year-on-year increase of 2.7% in October 2014. Within this total, the value of re-exports increased by 0.4% to $322.1 billion in November 2014, while the value of domestic exports increased by 2.5% to $4.7 billion. Concurrently, the value of imports of goods increased by 2.4% over a year earlier to $378.9 billion in November 2014, after a year-on-year increase of 5.6% in October 2014. A visible trade deficit of $52.2 billion, equivalent to 13.8% of the value of imports of goods, was recorded in November 2014.
For the first 11 months of 2014 as a whole, the value of total exports of goods rose by 3.4% over the same period in 2013. Within this total, the value of re-exports increased by 3.4%, while the value of domestic exports increased by 3.0%. Concurrently, the value of imports of goods increased by 4.1%. A visible trade deficit of $487.3 billion, equivalent to 12.7% of the value of imports of goods, was recorded in the first 11 months of 2014.
Comparing the three-month period ending November 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods remained virtually unchanged. Within this total, the value of re-exports increased by 0.2%, whereas the value of domestic exports went down by 10.8%. Meanwhile, the value of imports of goods increased by 3.5%.
Analysis by country/territory
Comparing November 2014 with November 2013, total exports to Asia as a whole went down by 2.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Japan (-16.2%), Korea (-10.3%) and the mainland of China (the Mainland) (-4.5%). On the other hand, increases were recorded in the values of total exports to India (+29.8%), Thailand (+24.8%) and the Philippines (+23.7%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the USA (+9.8%). Concurrently, decreases were registered in the values of total exports to the United Kingdom (-4.5%) and Germany (-0.4%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+52.4%), Korea (+21.8%), Thailand (+14.0%), Malaysia (+9.7%) and Switzerland (+6.4%). The value of imports from the Mainland also rose slightly by 0.1%. Concurrently, decreases were registered in the values of imports from Japan (-6.5%) and Singapore (-0.1%).
For the first 11 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 (+16.1%), India (+15.8%), the USA (+2.7%), Taiwan (+2.6%) and the Mainland (+1.8%). However, year-on-year decreases were registered in the values of total exports to Japan (-2.7%), Germany (-1.6%) and Korea (-1.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Malaysia (+16.2%), Taiwan (+15.3%), Thailand (+15.3%), Korea (+11.3%) and India (+10.4%). The value of imports from the Mainland also rose by 2.0%.
Analysis by major commodity
Comparing November 2014 with November 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 $4.5 billion or 4.8%), "office machines and automatic data processing machines" (by $1.5 billion or 4.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.2 billion or 1.8%). However, a decrease was registered in the value of total exports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.0 billion or -4.1%).
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 $8.6 billion or 8.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.6 billion or 6.7%) and "non-metallic mineral manufactures" (by $1.3 billion or 8.5%). However, a decrease was registered in the value of imports of "petroleum, petroleum products and related materials" (by $2.3 billion or -23.4%).
For the first 11 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 $98.9 billion or 10.8%), "non-metallic mineral manufactures" (by $19.4 billion or 13.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.0 billion or 2.5%). 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 $13.5 billion or -6.3%).
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 $147.8 billion or 14.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.2 billion or 4.2%) and "non-metallic mineral manufactures" (by $17.5 billion or 9.9%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $19.3 billion or -5.3%).
Commentary
A Government spokesman noted that the value of merchandise exports was almost flat in November compared with a year earlier. While exports to the US and some Asian markets registered notable growth, those to the EU, Japan and the Mainland fell.
The spokesman commented further that looking ahead, the slow global economic growth will continue to constrain Hong Kong's near-term export performance. The uncertainties arising from the monetary policy divergence among major central banks, geopolitical tensions in various regions and repercussions from the sharp drop in international oil prices also warrant concern. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2014. Table 2 presents the original monthly trade statistics from January 2011 to November 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 November 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 November 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 November 2014 will be released in mid-January 2015.
The November 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 2015. 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, December 29, 2014
Issued at HKT 16:31
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