External merchandise trade statistics for December 2016
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In December 2016, the value of total exports of goods (comprising re-exports and domestic exports) increased by 10.1% over a year earlier to $340.3 billion, after a year-on-year increase of 8.1% in November 2016. Within this total, the value of re-exports increased by 10.2% to $336.7 billion in December 2016, whereas the value of domestic exports decreased by 2.9% to $3.6 billion. Concurrently, the value of imports of goods increased by 8.7% over a year earlier to $385.8 billion in December 2016, after a year-on-year increase of 7.6% in November 2016. A visible trade deficit of $45.5 billion, equivalent to 11.8% of the value of imports of goods, was recorded in December 2016.
For 2016 as a whole, the value of total exports of goods dropped by 0.5% over 2015. Within this total, the value of re-exports decreased by 0.4%, while the value of domestic exports decreased by 8.5%. Concurrently, the value of imports of goods decreased by 0.9%. A visible trade deficit of $420.1 billion, equivalent to 10.5% of the value of imports of goods, was recorded in 2016.
Comparing the fourth quarter of 2016 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 4.3%. Within this total, the value of re-exports increased by 4.4%, whereas the value of domestic exports went down by 1.6%. Meanwhile, the value of imports of goods increased by 2.6%.
Analysis by country/territory
Comparing December 2016 with December 2015, total exports to Asia as a whole grew by 13.8%. In this region, increases were registered in the values of total exports to most major destinations, in particular Taiwan (+38.5%), Korea (+22.6%), Singapore (+18.4%), Vietnam (+14.1%), the mainland of China (the Mainland) (+14.0%), Thailand (+12.9%) and India (+9.6%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the USA (-9.4%), Germany (-4.1%) and the United Kingdom (-2.0%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Korea (+67.7%), India (+27.8%), Singapore (+25.0%), the Philippines (+24.9%), Taiwan (+19.0%) and Japan (+11.0%). The value of imports from the Mainland also increased by 2.1%.
For 2016 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Vietnam (-5.8%), the USA (-5.3%), Germany (-5.1%), and Japan (-4.9%). However, year-on-year increases were registered in the values of total exports to India (+14.6%) and Taiwan (+14.6%). The value of total exports to the Mainland also increased by 0.4%.
Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Japan (-5.2%), Malaysia (-3.7%), the Mainland (-3.4%) and Thailand (-2.7%). On the other hand, year-on-year increases were registered in the values of imports from Korea (+14.0%), India (+11.9%), Taiwan (+6.4%) and Singapore (+6.4%).
Analysis by major commodity
Comparing December 2016 with December 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 $20.0 billion or 19.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.4 billion or 11.2%) and "office machines and automatic data processing machines" (by $2.4 billion or 6.8%). However, a decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $2.2 billion or -17.8%).
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 $20.3 billion or 17.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.9 billion or 8.9%) and "non-metallic mineral manufactures" (by $1.2 billion or 8.8%). However, a decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $1.7 billion or -15.6%).
For 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 $28.9 billion or -7.3%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $22.3 billion or -10.6%) and "articles of apparel and clothing accessories" (by $21.0 billion or -14.7%). 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 $94.8 billion or 8.3%).
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 $30.5 billion or -8.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.5 billion or -3.4%) and "articles of apparel and clothing accessories" (by $12.8 billion or -11.1%). However, a year-on-year increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $112.7 billion or 8.9%).
Commentary
A Government spokesman noted that merchandise exports picked up further to show an appreciable year-on-year growth in value terms in December 2016. Exports to the Mainland and many other major Asian markets held firm and provide the key growth impetus.
The spokesman commented further that, the more benign global economic conditions recently, if continued, should render support to Asia's regional trade flows and Hong Kong's exports. Yet, external uncertainties remain considerable, including those arising from the future US trade policy direction, US interest rate normalisation, fragile fundamentals of some major advanced economies, 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 December 2016. Table 2 presents the original monthly trade statistics from January 2013 to December 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 December 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 December 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 December 2016 will be released in mid-February 2017.
The December 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 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, January 26, 2017
Issued at HKT 16:30
Issued at HKT 16:30
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