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The Census and Statistics Department (C&SD) released today (January 27) the external merchandise trade statistics for December 2014. In December 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 0.6% and 1.9% respectively.
In December 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 0.6% over a year earlier to $312.8 billion, after a year-on-year increase of 0.4% in November 2014. Within this total, the value of re-exports increased by 0.8% to $308.7 billion in December 2014, whereas the value of domestic exports decreased by 11.9% to $4.1 billion. Concurrently, the value of imports of goods increased by 1.9% over a year earlier to $372.0 billion in December 2014, after a year-on-year increase of 2.4% in November 2014. A visible trade deficit of $59.3 billion, equivalent to 15.9% of the value of imports of goods, was recorded in December 2014.
For 2014 as a whole, the value of total exports of goods rose by 3.2% over 2013. Within this total, the value of re-exports increased by 3.2%, while the value of domestic exports increased by 1.7%. Concurrently, the value of imports of goods increased by 3.9%. A visible trade deficit of $546.3 billion, equivalent to 12.9% of the value of imports of goods, was recorded in 2014.
Comparing the fourth quarter of 2014 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 1.2%. Within this total, the value of re-exports decreased by 1.1%, while the value of domestic exports went down by 8.4%. Meanwhile, the value of imports of goods increased by 1.0%.
Analysis by country/territory
Comparing December 2014 with December 2013, total exports to Asia as a whole went down by 1.5%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Korea (-20.4%), India (-11.4%), Vietnam (-3.3%), Japan (-2.9%) and the mainland of China (the Mainland) (-1.7%). On the other hand, increases were recorded in the values of total exports to the Philippines (+27.3%), Malaysia (+24.4%) and Thailand (+9.8%).
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 (+7.6%). Concurrently, decreases were registered in the values of total exports to Germany (-2.7%) and the United Kingdom (-2.4%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Malaysia (+20.5%), Taiwan (+8.2%), the Mainland (+5.4%), India (+5.2%) and Korea (+2.9%). Concurrently, decreases were registered in the values of imports from the USA (-16.5%), Japan (-5.3%) and Switzerland (-3.3%).
For 2014 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+14.0%), India (+13.1%), the USA (+3.1%), Taiwan (+2.5%), Singapore (+2.2%) and the Mainland (+1.5%). However, year-on-year decreases were registered in the values of total exports to Japan (-2.8%), Korea (-2.7%) and Germany (-1.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Malaysia (+16.7%), Taiwan (+14.7%), Thailand (+13.7%), Korea (+10.6%) and India (+10.0%). The value of imports from the Mainland also rose by 2.3%.
Analysis by major commodity
Comparing December 2014 with December 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 $6.1 billion or 7.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.1 billion or 6.7%) and "office machines and automatic data processing machines" (by $1.4 billion or 3.9%). However, a decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $1.7 billion or -11.4%).
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 $15.6 billion or 16.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.5 billion or 10.3%). However, decreases were registered in the values of imports of "petroleum, petroleum products and related materials" (by $3.8 billion or -35.6%) and "office machines and automatic data processing machines" (by $2.1 billion or -5.7%).
For 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 $105.0 billion or 10.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $20.2 billion or 2.9%) and "non-metallic mineral manufactures" (by $19.4 billion or 12.7%). 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 $12.6 billion or -5.4%).
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 $163.5 billion or 14.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $31.7 billion or 4.7%) and "non-metallic mineral manufactures" (by $16.9 billion or 8.8%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $21.3 billion or -5.3%).
Commentary
A Government spokesman noted that merchandise exports remained sluggish in December 2014, largely in tandem with the relatively soft regional trade flows due to a slow-growing global economy.
The spokesman commented further that looking ahead, the external environment would still be rather unsteady, given the headwinds from the fragile economic situations in some advanced markets, monetary policy divergence among major central banks and geopolitical tensions in various regions. This is likely to continue to constrain Hong Kong's near-term export performance. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2014. Table 2 presents the original monthly trade statistics from January 2011 to December 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 December 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 December 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 December 2014 will be released in mid-February 2015.
The December 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 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/Tuesday, January 27, 2015
Issued at HKT 16:30
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