The Census and Statistics Department (C&SD) released today (June 28) the external merchandise trade statistics for May 2021. In May 2021, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 24.0% and 26.5% respectively.
 
     In May 2021, the value of total exports of goods increased by 24.0% over a year earlier to $393.8 billion, after a year-on-year increase of 24.4% in April 2021. Concurrently, the value of imports of goods increased by 26.5% over a year earlier to $419.3 billion in May 2021, after a year-on-year increase of 25.2% in April 2021. A visible trade deficit of $25.5 billion, equivalent to 6.1% of the value of imports of goods, was recorded in May 2021.
 
     For the first five months of 2021 as a whole, the value of total exports of goods increased by 29.4% over the same period in 2020. Concurrently, the value of imports of goods increased by 25.7%. A visible trade deficit of $125.0 billion, equivalent to 6.2% of the value of imports of goods, was recorded in the first five months of 2021.
 
     Comparing the three-month period ending May 2021 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 0.5%. Meanwhile, the value of imports of goods increased by 1.5%.
 
Analysis by country/territory
 
     Comparing May 2021 with May 2020, total exports to Asia as a whole grew by 26.2%. In this region, increases were registered in the values of total exports to most major destinations, in particular the Philippines (+54.5%), Taiwan (+33.5%), Vietnam (+28.7%) and India (+28.1%). The value of total exports to the mainland of China (the Mainland) also increased by 26.9%. On the other hand, a decrease was recorded in the value of total exports to Japan (-5.3%).
 
     Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the USA (+5.9%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+51.2%), Taiwan (+46.5%), the USA (+43.1%) and Korea (+38.6%). The value of imports from the Mainland also increased by 20.5%. However, a decrease was recorded in the value of imports from Malaysia (-3.5%).
 
     For the first five months of 2021 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular the United Kingdom (+126.3%), Taiwan (+42.6%), India (+37.3%) and the Mainland (+32.6%). On the other hand, a marginal decrease was recorded in the value of total exports to Japan (-0.1%).
 
     Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+58.8%), Taiwan (+42.7%), Singapore (+34.6%), Vietnam (+31.7%) and Korea (+31.0%). The value of imports from the Mainland also increased by 26.3%.
 
Analysis by major commodity
 
     Comparing May 2021 with May 2020, 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 $39.2 billion or 28.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.8 billion or 15.5%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $7.6 billion or 61.7%) and "office machines and automatic data processing machines" (by $6.1 billion or 16.2%). However, a decrease was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $0.6 billion or -6.8%).
 
     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 $41.9 billion or 29.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.7 billion or 25.5%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $10.2 billion or 70.9%) and "office machines and automatic data processing machines" (by $5.1 billion or 17.4%). However, a decrease was registered in the value of imports of "essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations" (by $1.1 billion or -16.0%).
 
     For the first five months of 2021 as a whole, year-on-year 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 $229.6 billion or 37.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $57.0 billion or 24.2%), "office machines and automatic data processing machines" (by $31.5 billion or 19.0%) and "non-metallic mineral manufactures" (by $26.5 billion or 64.3%). However, a year-on-year decrease was registered in the value of total exports of "power generating machinery and equipment" (by $3.0 billion or -8.1%).
 
     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 $214.2 billion or 32.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $65.6 billion or 29.3%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $28.7 billion or 33.9%) and "office machines and automatic data processing machines" (by $24.2 billion or 18.4%). However, a year-on-year decrease was registered in the value of imports of "power generating machinery and equipment" (by $9.5 billion or -20.3%).
 
Commentary
 
     A Government spokesman said that merchandise exports sustained robust growth in May, alongside the global economic recovery. Exports to the Mainland and many Asian markets continued to post visible gains, while those to the US and the EU grew further. For the first five months of 2021 combined, total merchandise trade value amounted to $3,895.4 billion, surpassing the high in the same period in 2018 by 12.3%.

     Looking ahead, the further revival of demand from major economies should augur well for Hong Kong's export performance in the near term. Yet, developments of the global pandemic and China-US relations, as well as heightened geopolitical tensions, still warrant attention. The Government will monitor the situation closely.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for May 2021. Table 2 presents the original monthly trade statistics from January 2018 to May 2021, 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 2021 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 2021.
 
     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 2021 will be released in mid-July 2021.
 
     The May 2021 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2021 and will be available in mid-July 2021. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/scode230.html).
 
     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).

Ends/Monday, June 28, 2021
Issued at HKT 16:30

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