The Census and Statistics Department (C&SD) released today (April 25) the external merchandise trade statistics for March 2017. In March 2017, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 16.9% and 13.0% respectively.

     In March 2017, the value of total exports of goods (comprising re-exports and domestic exports) increased by 16.9% over a year earlier to $321.9 billion, after a year-on-year increase of 18.2% in February 2017. Within this total, the value of re-exports increased by 16.9% to $317.7 billion in March 2017, while the value of domestic exports increased by 16.8% to $4.2 billion. Concurrently, the value of imports of goods increased by 13.0% over a year earlier to $364.2 billion in March 2017, after a year-on-year increase of 25.4% in February 2017. A visible trade deficit of $42.3 billion, equivalent to 11.6% of the value of imports of goods, was recorded in March 2017.

     For the first quarter of 2017 as a whole, the value of total exports of goods rose by 10.3% over the same period in 2016. Within this total, the value of re-exports increased by 10.4%, while the value of domestic exports increased by 4.9%. Concurrently, the value of imports of goods increased by 10.7%. A visible trade deficit of $110.9 billion, equivalent to 11.4% of the value of imports of goods, was recorded in the first quarter of 2017.

     Comparing the first quarter of 2017 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 1.1%. Within this total, the value of re-exports increased by 1.1%, while the value of domestic exports went up by 3.8%. Meanwhile, the value of imports of goods increased by 3.4%.

Analysis by country/territory

     Comparing March 2017 with March 2016, total exports to Asia as a whole grew by 19.0%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+77.3%), Taiwan (+37.1%), Vietnam (+17.6%), the Philippines (+17.4%), the mainland of China (the Mainland) (+16.0%) and Japan (+13.9%). On the other hand, a decrease was recorded in the value of total exports to Singapore (-4.6%).

     Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+17.7%), the USA (+8.9%) and the United Kingdom (+3.2%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Korea (+53.9%), India (+38.0%), the Philippines (+32.8%), Taiwan (+23.3%), the Mainland (+12.1%) and Thailand (+10.2%).

     For the first quarter of 2017 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Taiwan (+44.5%), India (+40.1%), the Netherlands (+21.8%), Korea (+15.2%), Vietnam (+13.1%) and the Mainland (+12.6%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Korea (+46.3%), the Philippines (+36.4%), India (+28.4%), Taiwan (+19.6%) and Singapore (+12.9%). The value of imports from the Mainland also increased by 8.6%.

Analysis by major commodity

     Comparing March 2017 with March 2016, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $21.4 billion or 23.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.2 billion or 15.4%) and "non-metallic mineral manufactures" (by $5.0 billion or 26.4%).

     Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $24.4 billion or 22.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.5 billion or 10.0%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.3 billion or 16.0%).

     For the first quarter of 2017 as a whole, year-on-year 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 $46.1 billion or 18.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.2 billion or 9.0%) and "office machines and automatic data processing machines" (by $7.7 billion or 9.7%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $2.8 billion or -10.4%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $60.3 billion or 21.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.8 billion or 10.6%) and "petroleum, petroleum products and related materials" (by $5.6 billion or 50.0%).

Commentary

     A Government spokesman noted that merchandise exports sustained strong growth in March, amid an improving global economy. Exports to the major advanced economies improved visibly, and those to the Mainland and many other Asian economies stayed robust.

     The spokesman commented further that looking ahead, the gradually strengthening global economic conditions should continue to render support to Hong Kong's export performance in the near term. However, the outlook is still subject to uncertainties, including those related to the US interest rate normalisation, Brexit and other political developments in Europe, possible rise of protectionist sentiment 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 March 2017. Table 2 presents the original monthly trade statistics from January 2014 to March 2017, and Table 3 gives the seasonally adjusted series for the same period.

     The values of total exports of goods to 10 main destinations for March 2017 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 March 2017.

     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 March 2017 will be released in mid-May 2017.

     The March 2017 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2017. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2017 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 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/Tuesday, April 25, 2017
Issued at HKT 16:30

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