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External merchandise trade statistics for June 2016
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     The Census and Statistics Department (C&SD) released today (July 26) the external merchandise trade statistics for June 2016. In June 2016, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 1.0% and 0.9% respectively.

     In June 2016, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 1.0% over a year earlier to $296.5 billion, after a year-on-year decrease of 0.1% in May 2016. Within this total, the value of re-exports decreased by 0.8% to $292.9 billion in June 2016, while the value of domestic exports decreased by 12.9% to $3.6 billion. Concurrently, the value of imports of goods decreased by 0.9% over a year earlier to $342.1 billion in June 2016, after a year-on-year decrease of 4.3% in May 2016. A visible trade deficit of $45.6 billion, equivalent to 13.3% of the value of imports of goods, was recorded in June 2016.

     For the first half of 2016 as a whole, the value of total exports of goods dropped by 3.9% over the same period in 2015. Within this total, the value of re-exports decreased by 3.7%, while the value of domestic exports decreased by 16.0%. Concurrently, the value of imports of goods decreased by 5.6%. A visible trade deficit of $199.6 billion, equivalent to 10.8% of the value of imports of goods, was recorded in the first half of 2016.

     Comparing the second quarter of 2016 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 6.9%. Within this total, the value of re-exports increased by 7.1%, whereas the value of domestic exports went down by 3.6%. Meanwhile, the value of imports of goods increased by 4.5%.

Analysis by country/territory

     Comparing June 2016 with June 2015, total exports to Asia as a whole grew by 0.5%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+10.1%), India (+9.2%), the mainland of China (the Mainland) (+1.8%) and Korea (+0.9%). On the other hand, decreases were recorded in the values of total exports to Singapore (-9.4%), Thailand (-9.1%), Japan (-8.2%) and Malaysia (-8.2%).

     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-10.3%) and the USA (-7.3%). Concurrently, an increase was registered in the value of total exports to Germany (+1.0%).

     Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-18.6%), the USA (-17.9%) and Malaysia (-9.2%). Concurrently, increases were registered in the values of imports from Korea (+17.2%), Singapore (+11.7%), India (+4.5%) and Thailand (+3.4%). The value of imports from the Mainland also increased by 0.2%.

     For the first half of 2016 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Korea (-7.1%), Vietnam (-7.1%), Japan (-6.4%), the USA (-6.4%), the Mainland (-4.6%) and Singapore (-2.1%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Switzerland (-11.9%), Japan (-10.2%), the USA (-10.2%), the Mainland (-5.6%), Malaysia (-4.9%) and Singapore (-4.5%).
 
Analysis by major commodity

     Comparing June 2016 with June 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 $3.5 billion or -10.6%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.7 billion or -15.4%) and "articles of apparel and clothing accessories" (by $2.2 billion or -16.4%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $11.0 billion or 12.0%).

     Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.9 billion or -17.8%), "office machines and automatic data processing machines" (by $2.1 billion or -7.0%) and "non-metallic mineral manufactures" (by $1.6 billion or -8.9%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.6 billion or 11.9%).

     For the first half of 2016 as a whole, 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 $26.2 billion or -13.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.9 billion or -3.5%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $11.6 billion or -11.5%). 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 $16.9 billion or 3.2%).

     Over the same period of comparison, year-on-year 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 $24.9 billion or -7.1%), "office machines and automatic data processing machines" (by $18.9 billion or -11.3%) and "articles of apparel and clothing accessories" (by $4.8 billion or -9.2%). However, a year-on-year increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $20.8 billion or 3.5%).

Commentary

     A Government spokesman noted that the value of merchandise exports declined slightly in June over a year earlier amid sluggish global demand, with mixed performance across major markets. Yet, the year-on-year rate of decline in the value of merchandise exports narrowed considerably from 6.8% in the first quarter to 1.2% in the second quarter, indicating a relative improvement in performance in recent months.

     The spokesman commented further that looking ahead, the external trading environment remains challenging given the uncertainties associated with the outcome of the UK referendum in favour of leaving the EU, slow recovery in the advanced markets, monetary policy divergence among major central banks and heightened 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 June 2016. Table 2 presents the original monthly trade statistics from January 2013 to June 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 June 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 June 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 June 2016 will be released in mid-August 2016.

     The June 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August 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 Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).
 
Ends/Tuesday, July 26, 2016
Issued at HKT 16:30
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