External merchandise trade statistics for May 2017
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In May 2017, the value of total exports of goods (comprising re-exports and domestic exports) increased by 4.0% over a year earlier to $303.1 billion, after a year-on-year increase of 7.1% in April 2017. Within this total, the value of re-exports increased by 4.0% to $299.4 billion in May 2017, while the value of domestic exports increased by 4.6% to $3.7 billion. Concurrently, the value of imports of goods increased by 6.6% over a year earlier to $338.8 billion in May 2017, after a year-on-year increase of 7.3% in April 2017. A visible trade deficit of $35.6 billion, equivalent to 10.5% of the value of imports of goods, was recorded in May 2017.
For the first five months of 2017 as a whole, the value of total exports of goods rose by 8.2% over the same period in 2016. Within this total, the value of re-exports increased by 8.3%, while the value of domestic exports increased by 3.4%. Concurrently, the value of imports of goods increased by 9.1%. A visible trade deficit of $180.5 billion, equivalent to 10.9% of the value of imports of goods, was recorded in the first five months of 2017.
Comparing the three-month period ending May 2017 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 0.7%. Within this total, the value of re-exports increased by 0.7%, while the value of domestic exports went up by 0.1%. Meanwhile, the value of imports of goods decreased by 2.5%.
Analysis by country/territory
Comparing May 2017 with May 2016, total exports to Asia as a whole grew by 5.5%. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+29.2%), Taiwan (+16.7%), Vietnam (+16.4%), Thailand (+14.5%) and Japan (+6.3%). The value of total exports to the mainland of China (the Mainland) also increased by 3.8%. On the other hand, decreases were recorded in the values of total exports to Korea (-9.4%) and Singapore (-6.8%).
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 (+2.1%) and the USA (+1.0%). Concurrently, a decrease was registered in the value of total exports to the United Kingdom (-5.0%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+56.6%), the Philippines (+26.2%), Malaysia (+21.2%), Korea (+13.1%), Thailand (+10.8%) and Singapore (+8.6%). The value of imports from the Mainland also increased by 2.8%.
For the first five months of 2017 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+49.6%), Taiwan (+34.8%), the Netherlands (+20.9%), Vietnam (+14.9%), the Mainland (+8.8%) and Korea (+5.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Korea (+36.5%), India (+35.6%), the Philippines (+32.9%), Singapore (+12.4%) and Taiwan (+12.2%). The value of imports from the Mainland also increased by 6.5%.
Analysis by major commodity
Comparing May 2017 with May 2016, 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 $7.8 billion or 7.7%), "non-ferrous metals" (by $2.1 billion or 80.4%) and "office machines and automatic data processing machines" (by $1.9 billion or 6.8%). However, a decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $1.2 billion or -12.7%).
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 $11.0 billion or 10.2%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.0 billion or 26.8%) and "office machines and automatic data processing machines" (by $2.0 billion or 8.3%). However, a decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.7 billion or -4.8%).
For the first five months 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 $63.6 billion or 14.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.1 billion or 5.9%) and "office machines and automatic data processing machines" (by $11.0 billion or 8.1%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $4.4 billion or -9.8%).
Over the same period of comparison, year-on-year 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 $85.4 billion or 17.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $13.4 billion or 5.1%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $11.5 billion or 12.4%). However, a year-on-year decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $3.0 billion or -8.0%).
Commentary
A Government spokesman noted that the value of merchandise exports grew moderately in May over a year earlier. Exports to major Asian markets continued to provide the main impetus to overall growth, reflecting the sustained expansion of regional trading and production activities.
The spokesman commented further that looking ahead, the improving global economic situation should continue to be conducive to Asia's as well as Hong Kong's export performance. Yet, the external trading landscape is still overcast by uncertainties arising from the pace of US monetary policy normalisation, Brexit as well as other policy and political developments in the US and Europe. Also, the risks of rising protectionist sentiment and geopolitical tensions in various regions persist. 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 May 2017. Table 2 presents the original monthly trade statistics from January 2014 to May 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 May 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 May 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 May 2017 will be released in mid-July 2017.
The May 2017 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2017. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2017 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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/Monday, June 26, 2017
Issued at HKT 16:30
Issued at HKT 16:30
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