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External merchandise trade statistics for March 2018
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     The Census and Statistics Department (C&SD) released today (April 26) the external merchandise trade statistics for March 2018. In March 2018, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 8.0% and 10.7% respectively.

     In March 2018, the value of total exports of goods increased by 8.0% over a year earlier to $347.7 billion, after a year-on-year increase of 1.7% in February 2018. Concurrently, the value of imports of goods increased by 10.7% over a year earlier to $403.2 billion in March 2018, after a year-on-year decrease of 3.2% in February 2018. A visible trade deficit of $55.5 billion, equivalent to 13.8% of the value of imports of goods, was recorded in March 2018.

     For the first quarter of 2018 as a whole, the value of total exports of goods rose by 9.7% over the same period in 2017. Concurrently, the value of imports of goods increased by 10.6%. A visible trade deficit of $130.0 billion, equivalent to 12.1% of the value of imports of goods, was recorded in the first quarter of 2018.

     Comparing the first quarter of 2018 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 3.0%. Meanwhile, the value of imports of goods increased by 3.5%.

Analysis by country/territory

     Comparing March 2018 with March 2017, total exports to Asia as a whole grew by 9.4%. In this region, increases were registered in the values of total exports to some major destinations, in particular Malaysia (+17.5%), the mainland of China (the Mainland) (+17.3%), Singapore (+4.7%), Korea (+2.8%) and Thailand (+2.3%). On the other hand, decreases were recorded in the values of total exports to India (-35.3%) and Taiwan (-7.4%).

     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 (-2.4%) and the USA (-0.8%). Concurrently, an increase was registered in the value of total exports to Germany (+5.8%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+98.1%), Switzerland (+45.8%), Taiwan (+34.9%), Singapore (+22.1%) and Korea (+15.9%). The value of imports from the Mainland also grew by 2.7%. Concurrently, a decrease was registered in the value of imports from India (-29.7%).

     For the first quarter of 2018 as whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular the Mainland (+12.6%), Germany (+12.4%), Taiwan (+11.9%), Singapore (+8.9%), the USA (+7.4%) and Japan (+7.0%). However, a year-on-year decrease was registered in the value of total exports to India (-6.3%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Malaysia (+97.9%), Switzerland (+54.9%), Taiwan (+15.1%), Korea (+13.3%), Singapore (+8.8%) and the Mainland (+7.8%). On the other hand, a year-on-year decrease was registered in the value of imports from India (-12.3%).

Analysis by major commodity

     Comparing March 2018 with March 2017, 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 $26.6 billion or 23.7%), "office machines and automatic data processing machines" (by $7.5 billion or 24.1%) and "power generating machinery and equipment" (by $1.5 billion or 42.1%). However, a decrease was registered in the value of total exports of "non-metallic mineral manufactures" (by $5.2 billion or -21.4%).

     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 $29.6 billion or 22.3%), "office machines and automatic data processing machines" (by $7.0 billion or 24.2%) and "petroleum, petroleum products and related materials" (by $3.1 billion or 70.8%). However, a decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.8 billion or -6.4%).

     For the first quarter of 2018 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 $58.3 billion or 19.6%), "office machines and automatic data processing machines" (by $17.4 billion or 19.9%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $7.7 billion or 17.0%). However, a year-on-year decrease was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.8 billion or -5.1%).

     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 $57.1 billion or 16.4%), "office machines and automatic data processing machines" (by $18.0 billion or 24.5%) and "petroleum, petroleum products and related materials" (by $5.6 billion or 33.2%). However, a year-on-year decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.5 billion or -4.5%).

Commentary

     A Government spokesman noted that merchandise exports continued to grow notably in March over a year earlier, amid a stronger global economy that kept trading and production activities broadly buoyant in Asia.

     The spokesman commented further that, looking ahead, the prevailing broad-based momentum of the global economy should continue to provide a supportive trading environment for Hong Kong in the near term. However, the uncertainties arising from the trade tensions between the US and other major economies have increased. The possible spill-overs from US monetary policy normalisation and elevated geopolitical tensions in various regions also warrant attention. The Government will continue to monitor the developments closely.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2018. Table 2 presents the original monthly trade statistics from January 2015 to March 2018, 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 2018 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 2018.

     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 2018 will be released in mid-May 2018.

     The March 2018 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2018 and will be available in mid-May 2018. Users can download the publication 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, April 26, 2018
Issued at HKT 16:30
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