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External merchandise trade statistics for January 2016
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     The Census and Statistics Department (C&SD) released today (February 25) the external merchandise trade statistics for January 2016. In January 2016, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 3.8% and 9.0% respectively.

     In January 2016, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 3.8% over a year earlier to $299.9 billion, after a year-on-year decrease of 1.1% in December 2015. Within this total, the value of re-exports decreased by 3.6% to $296.4 billion in January 2016, while the value of domestic exports decreased by 23.4% to $3.4 billion. Concurrently, the value of imports of goods decreased by 9.0% over a year earlier to $317.4 billion in January 2016, after a year-on-year decrease of 4.6% in December 2015. A visible trade deficit of $17.5 billion, equivalent to 5.5% of the value of imports of goods, was recorded in January 2016.

     Comparing the three-month period ending January 2016 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 1.0%. Within this total, the value of re-exports increased by 1.0%, whereas the value of domestic exports went down by 2.0%. Meanwhile, the value of imports of goods increased by 0.9%.

Analysis by country/territory

     Comparing January 2016 with January 2015, total exports to Asia as a whole went down by 6.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Korea (-14.5%), Taiwan (-8.4%), the mainland of China (the Mainland) (-7.9%), Thailand (-4.4%) and Malaysia (-3.8%). On the other hand, increases were recorded in the values of total exports to India (+13.2%), the Philippines (+6.0%) and Japan (+2.8%).

     Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the USA (-1.1%) and Germany (-1.0%). Concurrently, an increase was registered in the value of total exports to the United Kingdom (+0.1%).

     Over the same period of comparison, decreases were registered in the values of imports from all major suppliers, in particular Singapore (-20.7%), Japan (-20.2%), Malaysia (-11.4%), Switzerland (-8.7%) and Korea (-8.4%). The value of imports from the Mainland also decreased by 6.9%.

     Comparing the three months ending January 2016 with the three months ending January 2015, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-12.6%), Singapore (-5.0%), Japan (-3.8%), the USA (-3.3%) and the Mainland (-3.1%). However, year-on-year increases were registered in the values of total exports to India (+11.4%), Vietnam (+5.1%) and the United Kingdom (+0.9%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports from all major suppliers, in particular Switzerland (-19.2%), Japan (-16.3%), India (-16.3%), Singapore (-12.2%) and Korea (-10.9%). The value of imports from the Mainland also decreased by 3.5%.

Analysis by major commodity

     Comparing January 2016 with January 2015, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $7.1 billion or -19.2%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.6 billion or -8.6%) and "articles of apparel and clothing accessories" (by $1.0 billion or -7.8%). However, an increase was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.6 billion or 4.3%).

     Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.4 billion or -11.3%), "office machines and automatic data processing machines" (by $5.0 billion or -16.3%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.9 billion or -3.7%).

     Comparing the three months ending January 2016 with the three months ending January 2015, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $15.3 billion or -13.6%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.5 billion or -13.8%) and "articles of apparel and clothing accessories" (by $3.2 billion or -8.1%). However, a year-on-year increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.4 billion or 3.6%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $10.9 billion or -10.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.1 billion or -4.4%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.2 billion or -12.0%).

Commentary

     A Government spokesman noted that merchandise exports stayed weak and continued to fall in January 2016 from a year earlier. However, the trade figures for January were somewhat distorted by the difference in timing of the Lunar New Year, which fell on February 8 this year, but on February 19 last year. It would thus be more meaningful to analyse the trade figures for January and February combined, when available, for a clearer picture of the underlying trend.

     The spokesman commented further that looking ahead, global trade flows are likely to remain subdued amid a slow-growing global economy, thereby continuing to restrain Hong Kong's export performance in the near term. The uncertainties arising from monetary policy normalisation in the US, diverging monetary policies among major central banks and heightened geopolitical tensions could add further external headwinds. The Government will monitor the situation closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for January 2016. Table 2 presents the original monthly trade statistics from January 2013 to January 2016, and Table 3 gives the seasonally adjusted series for the same period.

     The values of total exports of goods to 10 main destinations for January 2016 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.

     Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for January 2016.

     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 January 2016 will be released in mid-March 2016.

     The January 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the January 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-March 2016. 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 the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).

Ends/Thursday, February 25, 2016
Issued at HKT 16:31

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