The Census and Statistics Department (C&SD) released today (September 26) the external merchandise trade statistics for August 2022. In August 2022, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 14.3% and 16.3% respectively.
 
     In August 2022, the value of total exports of goods decreased by 14.3% over a year earlier to $371.9 billion, after a year-on-year decrease of 8.9% in July 2022. Concurrently, the value of imports of goods decreased by 16.3% over a year earlier to $385.1 billion in August 2022, after a year-on-year decrease of 9.9% in July 2022. A visible trade deficit of $13.3 billion, equivalent to 3.4% of the value of imports of goods, was recorded in August 2022.
 
     For the first eight months of 2022 as a whole, the value of total exports of goods dropped by 2.9% over the same period in 2021.  Concurrently, the value of imports of goods decreased by 2.1%. A visible trade deficit of $248.7 billion, equivalent to 7.5% of the value of imports of goods, was recorded in the first eight months of 2022.
 
     Comparing the three-month period ending August 2022 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 4.0%. Meanwhile, the value of imports of goods decreased by 4.4%.
 
Analysis by country/territory
 
     Comparing August 2022 with August 2021, total exports to Asia as a whole dropped by 14.0%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Japan (-24.7%), the mainland of China (the Mainland) (-19.4%), Thailand (-10.0%) and Singapore (-2.9%).
 
     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 (-54.1%), Germany (-16.0%) and the USA (-7.7%).
 
     Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Korea (-29.4%), the Mainland (-24.1%), Thailand (-21.9%), Japan (-21.5%) and the Philippines (-17.0%). Concurrently, increases were recorded in the values of imports from Vietnam (+46.3%) and Malaysia (+9.7%).
 
     For the first eight months of 2022 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular the Mainland (-8.3%) and Japan (-6.2%). Concurrently, increases were recorded in the values of total exports to India (+50.5%), the United Arab Emirates (+30.6%), Singapore (+24.0%) and Vietnam (+22.1%).
 
     Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular the Mainland (-9.2%), Korea (-7.7%) and Japan (-7.1%). On the other hand, increases were recorded in the values of imports from Vietnam (+22.9%), Taiwan (+17.1%), Malaysia (+10.6%) and the USA (+6.7%).
 
Analysis by major commodity
 
     Comparing August 2022 with August 2021, decreases 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 $27.7 billion or -13.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.9 billion or -27.9%), "office machines and automatic data processing machines" (by $7.3 billion or -14.1%) and "non-ferrous metals" (by $2.9 billion or -39.6%). On the other hand, an increase was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $5.1 billion or 55.7%).
 
     Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $33.6 billion or -16.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.7 billion or -25.8%), "office machines and automatic data processing machines" (by $11.9 billion or -29.0%) and "essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations" (by $1.5 billion or -26.1%).  Concurrently, an increase was registered in the value of imports of "power generating machinery and equipment" (by $4.3 billion or 51.9%).
 
     For the first eight months of 2022 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $119.9 billion or -25.6%), "non-ferrous metals" (by $24.6 billion or -37.3%) and "articles of apparel and clothing accessories" (by $6.1 billion or -14.5%). On the other hand, year-on-year increases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $53.5 billion or 3.7%) and "professional, scientific and controlling instruments and apparatus" (by $34.9 billion or 51.7%).
 
     Over the same period of comparison, year-on-year decreases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $107.7 billion or -23.0%) and "essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations" (by $2.8 billion or -6.1%). Concurrently, year-on-year increases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $35.4 billion or 2.4%) and "professional, scientific and controlling instruments and apparatus" (by $28.2 billion or 40.2%).
 
Commentary
 
     A Government spokesman said that the value of merchandise exports saw a widened decline from a year earlier in August 2022 amid the worsened external environment and continued disruptions to cross-boundary land transportation. Exports to the Mainland, the US and the EU continued to fall, while those to other major Asian markets recorded mixed performance.
 
     Looking forward, Hong Kong's export performance will face immense pressure alongside the deteriorating external environment.  Elevated inflation in major advanced economies and aggressive interest rate hikes by relevant central banks in response will continue to dampen global demand. Heightened geopolitical tensions and supply-chain disruptions also add uncertainties. The Government will monitor the situation closely.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for August 2022. Table 2 presents the original monthly trade statistics from January 2019 to August 2022, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for August 2022 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 August 2022.
 
     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 August 2022 will be released in mid-October 2022.
 
     The August 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2022 and will be available in mid-October 2022. 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, September 26, 2022
Issued at HKT 16:30

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