External Merchandise Trade Statistics for September 2016
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     The Census and Statistics Department (C&SD) released today (October 27) the external merchandise trade statistics for September 2016. In September 2016, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 3.6% and 4.1% respectively.

     In September 2016, the value of total exports of goods (comprising re-exports and domestic exports) increased by 3.6% over a year earlier to $328.0 billion, after a year-on-year increase of 0.8% in August 2016. Within this total, the value of re-exports increased by 3.6% to $324.3 billion in September 2016, while the value of domestic exports increased by 2.9% to $3.7 billion. Concurrently, the value of imports of goods increased by 4.1% over a year earlier to $367.7 billion in September 2016, after a year-on-year increase of 2.8% in August 2016. A visible trade deficit of $39.7 billion, equivalent to 10.8% of the value of imports of goods, was recorded in September 2016.

     For the first nine months of 2016 as a whole, the value of total exports of goods dropped by 2.6% over the same period in 2015. Within this total, the value of re-exports decreased by 2.5%, while the value of domestic exports decreased by 11.4%. Concurrently, the value of imports of goods decreased by 3.2%. A visible trade deficit of $304.2 billion, equivalent to 10.5% of the value of imports of goods, was recorded in the first nine months of 2016.

     Comparing the third quarter of 2016 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 1.3%. Within this total, the value of re-exports increased by 1.2%, while the value of domestic exports went up by 10.5%. Meanwhile, the value of imports of goods increased by 3.6%.

Analysis by country/territory

     Comparing September 2016 with September 2015, total exports to Asia as a whole grew by 4.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+27.9%), India (+20.8%), Singapore (+7.8%), the mainland of China (the Mainland) (+5.1%) and Korea (+3.4%). On the other hand, decreases were recorded in the values of total exports to Thailand (-11.8%), Vietnam (-5.8%) and Japan (-4.6%).

     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-16.3%), the USA (-1.2%) and the United Kingdom (-0.8%).

     Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Singapore (+20.5%), Korea (+20.0%), India (+19.4%), Taiwan (+9.9%), Malaysia (+5.2%) and the Mainland (+1.2%). Concurrently, decreases were registered in the values of imports from Japan (-5.9%) and Thailand (-3.9%).

     For the first nine months of 2016 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Vietnam (-8.1%), Japan (-5.5%), the USA (-5.5%), Germany (-3.9%), Korea (-3.7%) and the Mainland (-2.6%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Japan (-8.6%), the USA (-6.6%), Malaysia (-5.6%) and the Mainland (-4.2%). On the other hand, year-on-year increases were registered in the values of imports from India (+9.3%), Korea (+3.1%) and Taiwan (+2.9%).

Analysis by major commodity

     Comparing September 2016 with September 2015, 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 $13.9 billion or 13.2%), "non-metallic mineral manufactures" (by $4.1 billion or 29.2%) and "office machines and automatic data processing machines" (by $0.7 billion or 2.1%). However, a decrease was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.2 billion or -3.1%).

     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 $12.8 billion or 11.1%), "non-metallic mineral manufactures" (by $2.4 billion or 14.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.3 billion or 3.3%). However, a decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $1.6 billion or -5.3%).

     For the first nine months 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 $34.2 billion or -11.6%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $17.5 billion or -11.3%) and "articles of apparel and clothing accessories" (by $15.6 billion or -14.4%). 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 $44.9 billion or 5.3%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $27.4 billion or -10.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.4 billion or -4.4%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $10.5 billion or -5.9%). However, a year-on-year increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $60.0 billion or 6.5%).

Commentary

     A Government spokesman noted that merchandise exports picked up to show moderate year-on-year growth in value terms in September. Exports to the Mainland and many major Asian markets registered expansion of varying degrees, rendering the key growth impetus.

     The spokesman commented further that looking ahead, the external environment is still fraught with considerable uncertainties, including those arising from the fragile recoveries of some advanced economies, monetary policy divergence among major central banks, unfolding Brexit event 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 September 2016. Table 2 presents the original monthly trade statistics from January 2013 to September 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 September 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 September 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 September 2016 will be released in mid-November 2016.

     The September 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 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, October 27, 2016
Issued at HKT 16:30

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