The Census and Statistics Department (C&SD) released today (December 29) the external merchandise trade statistics for November 2016. In November 2016, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 8.1% and 7.6% respectively.

     In November 2016, the value of total exports of goods (comprising re-exports and domestic exports) increased by 8.1% over a year earlier to $340.9 billion, after a year-on-year decrease of 1.8% in October 2016. Within this total, the value of re-exports increased by 8.2% to $337.1 billion in November 2016, while the value of domestic exports increased by 3.7% to $3.8 billion. Concurrently, the value of imports of goods increased by 7.6% over a year earlier to $375.0 billion in November 2016, after a year-on-year increase of 0.5% in October 2016. A visible trade deficit of $34.1 billion, equivalent to 9.1% of the value of imports of goods, was recorded in November 2016.

     For the first 11 months of 2016 as a whole, the value of total exports of goods dropped by 1.5% over the same period in 2015. Within this total, the value of re-exports decreased by 1.4%, while the value of domestic exports decreased by 9.0%. Concurrently, the value of imports of goods decreased by 1.9%. A visible trade deficit of $374.9 billion, equivalent to 10.3% of the value of imports of goods, was recorded in the first 11 months of 2016.

     Comparing the three-month period ending November 2016 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 5.0%. Within this total, the value of re-exports increased by 5.0%, while the value of domestic exports went up by 5.3%. Meanwhile, the value of imports of goods increased by 3.4%.

Analysis by country/territory

     Comparing November 2016 with November 2015, total exports to Asia as a whole grew by 12.8%. In this region, increases were registered in the values of total exports to most major destinations, in particular Taiwan (+45.3%), India (+41.7%), Singapore (+30.0%), Thailand (+22.1%), Indonesia (+14.2%) and the mainland of China (the Mainland) (+11.9%). On the other hand, decreases were recorded in the values of total exports to Vietnam (-4.0%) and Japan (-0.8%).

     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 (-10.6%), the USA (-7.6%) and Germany (-5.9%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Korea (+40.2%), Singapore (+26.1%), the Philippines (+25.6%), Taiwan (+22.2%), Japan (+13.3%) and the USA (+12.3%). The value of imports from the Mainland also increased by 2.4%. Concurrently, a decrease was registered in the value of imports from India (-5.5%).

     For the first 11 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 (-7.6%), Japan (-5.6%), Germany (-5.1%), the USA (-4.9%), Korea (-2.6%) and the Mainland (-0.9%). However, year-on-year increases were registered in the values of total exports to India (+15.0%) and Taiwan (+12.3%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Japan (-6.6%), Malaysia (-4.0%), the Mainland (-3.9%) and the USA (-3.3%). On the other hand, year-on-year increases were registered in the values of imports from India (+10.7%), Korea (+9.7%), Taiwan (+5.3%) and Singapore (+4.8%).

Analysis by major commodity

     Comparing November 2016 with November 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 $17.3 billion or 17.2%), "office machines and automatic data processing machines" (by $4.0 billion or 12.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.8 billion or 2.4%). However, a decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $2.0 billion or -17.5%).

     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 $21.8 billion or 20.4%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.1 billion or 10.3%) and "professional, scientific and controlling instruments and apparatus" (by $1.3 billion or 20.9%). However, a decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $0.9 billion or -1.3%).

     For the first 11 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 $31.3 billion or -8.7%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $21.3 billion or -11.0%) and "articles of apparel and clothing accessories" (by $18.8 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 $74.8 billion or 7.2%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $31.4 billion or -4.6%), "office machines and automatic data processing machines" (by $29.3 billion or -9.2%) and "articles of apparel and clothing accessories" (by $11.1 billion or -10.7%). However, a year-on-year increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $92.5 billion or 8.1%).

Commentary

     A Government spokesman noted that merchandise exports increased notably in value terms in November, mainly attributable to the stronger performance of the Mainland and many other Asian markets amid continued improvement in regional trade flows.

     The spokesman commented further that looking ahead, the external trading environment, having stabilised recently, is still subject to various uncertainties, including those arising from the US interest rate normalisation, monetary policy divergence among major central banks, fragile recoveries of some advanced economies, future US trade policy direction, unfolding of Brexit and heightened geopolitical tensions in various regions. The Government will continue to monitor the situation closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2016. Table 2 presents the original monthly trade statistics from January 2013 to November 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 November 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 November 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 November 2016 will be released in mid-January 2017.

     The November 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 2017. 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, December 29, 2016
Issued at HKT 16:30

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