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The Census and Statistics Department (C&SD) released today (June 25) the external merchandise trade statistics for May 2015. In May 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 4.6% and 4.7% respectively.
In May 2015, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 4.6% over a year earlier to $291.8 billion, after a year-on-year increase of 2.2% in April 2015. Within this total, the value of re-exports decreased by 4.4% to $287.6 billion in May 2015, while the value of domestic exports decreased by 19.6% to $4.3 billion. Concurrently, the value of imports of goods decreased by 4.7% over a year earlier to $331.9 billion in May 2015, after a year-on-year decrease of 2.9% in April 2015. A visible trade deficit of $40.1 billion, equivalent to 12.1% of the value of imports of goods, was recorded in May 2015.
For the first five months of 2015 as a whole, the value of total exports of goods rose by 0.8% over the same period in 2014. Within this total, the value of re-exports increased by 1.0%, whereas the value of domestic exports decreased by 13.0%. Concurrently, the value of imports of goods decreased by 0.8%. A visible trade deficit of $197.0 billion, equivalent to 12.2% of the value of imports of goods, was recorded in the first five months of 2015.
Comparing the three-month period ending May 2015 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 1.4%. Within this total, the value of re-exports decreased by 1.3%, while the value of domestic exports went down by 9.8%. Meanwhile, the value of imports of goods decreased by 4.2%.
Analysis by country/territory
Comparing May 2015 with May 2014, total exports to Asia as a whole went down by 5.7%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-23.9%), Japan (-13.6%), India (-7.7%), the mainland of China (the Mainland) (-6.6%) and Korea (-6.4%). On the other hand, increases were recorded in the values of total exports to Vietnam (+35.1%) and Malaysia (+9.1%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (-5.7%). Concurrently, increases were registered in the values of total exports to the United Kingdom (+7.6%) and the USA (+5.3%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-31.8%), Malaysia (-17.4%), Japan (-13.6%), Taiwan (-11.5%), Korea (-10.5%), India (-10.1%) and the Mainland (-2.4%). Concurrently, increases were registered in the values of imports from the USA (+12.4%) and Thailand (+4.5%).
For the first five months of 2015 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+20.1%), Thailand (+16.4%), India (+6.9%), the USA (+6.0%) and Singapore (+3.4%). However, year-on-year decreases were registered in the values of total exports to Taiwan (-16.1%) and Japan (-7.3%). The value of total exports to the Mainland also decreased by 0.5%.
Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-16.8%), Malaysia (-11.3%), India (-7.8%), Japan (-7.4%) and Taiwan (-5.4%). On the other hand, year-on-year increases were registered in the values of imports from Korea (+5.0%), the USA (+4.3%) and the Mainland (+2.2%).
Analysis by major commodity
Comparing May 2015 with May 2014, decreases were registered in the values of total exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $3.2 billion or -9.4%), "non-metallic mineral manufactures" (by $1.5 billion or -11.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.5 billion or -8.1%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.0 billion or 2.1%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $4.3 billion or -13.9%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.2 billion or -3.0%) and "non-metallic mineral manufactures" (by $2.4 billion or -15.0%). However, an increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.1 billion or 9.5%).
For the first five months of 2015 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 $19.5 billion or 4.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $19.1 billion or 7.2%) and "office machines and automatic data processing machines" (by $1.6 billion or 1.0%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $5.3 billion or -9.5%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of some principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $10.5 billion or -23.2%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.5 billion or -8.4%) and "office machines and automatic data processing machines" (by $8.3 billion or -5.7%). However, a year-on-year increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $39.1 billion or 15.6%).
Commentary
A Government spokesman noted that the value of merchandise exports relapsed to a year-on-year decline in May, in tandem with the weak export performance of many Asian economies amid the lacklustre global demand during the period. Except for the US and some Asian emerging markets, which fared better and registered varying degree of growth, the performance of other major markets were generally subdued.
The spokesman commented further that looking ahead, Hong Kong's export performance is likely to remain constrained by the slow global economic recovery. Moreover, the external environment is still clouded by various uncertainties, especially those stemming from the diverging monetary policy among major central banks, the Greek debt problem, and geopolitical tensions in various regions. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2015. Table 2 presents the original monthly trade statistics from January 2012 to May 2015, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for May 2015 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 May 2015.
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 May 2015 will be released in mid-July 2015.
The May 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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/Thursday, June 25, 2015
Issued at HKT 16:31
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