External Merchandise Trade Statistics for September 2022
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In September 2022, the value of total exports of goods decreased by 9.1% over a year earlier to $401.6 billion, after a year-on-year decrease of 14.3% in August 2022. Concurrently, the value of imports of goods decreased by 7.8% over a year earlier to $446.6 billion in September 2022, after a year-on-year decrease of 16.3% in August 2022. A visible trade deficit of $44.9 billion, equivalent to 10.1% of the value of imports of goods, was recorded in September 2022.
For the first nine months of 2022 as a whole, the value of total exports of goods dropped by 3.6% over the same period in 2021. Concurrently, the value of imports of goods decreased by 2.8%. A visible trade deficit of $294.3 billion, equivalent to 7.9% of the value of imports of goods, was recorded in the first nine months of 2022.
Comparing the third quarter of 2022 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 8.2%. Meanwhile, the value of imports of goods decreased by 10.2%.
Analysis by country/territory
Comparing September 2022 with September 2021, total exports to Asia as a whole dropped by 6.7%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Korea (-26.5%), Japan (-13.9%), Malaysia (-13.8%) and the mainland of China (the Mainland) (-8.5%). On the other hand, increases were recorded in the values of total exports to Singapore (+24.1%), India (+11.3%) and Vietnam (+9.4%).
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 (-54.4%), the USA (-24.5%) and Germany (-18.9%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Thailand (-18.6%), the Mainland (-18.4%) and Japan (-16.1%). Concurrently, increases were recorded in the values of imports from Vietnam (+58.1%) and Malaysia (+17.3%).
For the first nine 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 (-7.0%). Concurrently, increases were recorded in the values of total exports to India (+44.7%), the United Arab Emirates (+33.9%), Singapore (+26.7%) and Vietnam (+20.6%).
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 (-10.4%), Japan (-8.1%) and Korea (-6.6%). On the other hand, increases were recorded in the values of imports from Vietnam (+27.3%), Taiwan (+15.0%), Malaysia (+11.4%) and the USA (+7.0%).
Analysis by major commodity
Comparing September 2022 with September 2021, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $22.4 billion or -39.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.1 billion or -19.7%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.5 billion or -23.1%) and "non-ferrous metals" (by $2.4 billion or -32.8%). On the other hand, increases were registered in the values of total exports of "professional, scientific and controlling instruments and apparatus" (by $6.4 billion or 73.7%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.2 billion or 2.1%).
Over the same period of comparison, 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 $18.0 billion or -26.2%), "office machines and automatic data processing machines" (by $15.5 billion or -32.3%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.6 billion or -1.7%). Concurrently, increases were registered in the values of imports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.1 billion or 29.1%) and "professional, scientific and controlling instruments and apparatus" (by $4.7 billion or 48.6%).
For the first nine 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 $132.1 billion or -24.9%), "non-ferrous metals" (by $27.0 billion or -36.9%) and "office machines and automatic data processing machines" (by $22.0 billion or -5.5%). 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 $58.1 billion or 3.5%) and "professional, scientific and controlling instruments and apparatus" (by $41.4 billion or 54.3%).
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 $125.7 billion or -23.4%) and "office machines and automatic data processing machines" (by $6.9 billion or -2.1%). Concurrently, year-on-year increases were registered in the values of imports of "professional, scientific and controlling instruments and apparatus" (by $32.9 billion or 41.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $31.8 billion or 1.9%).
Commentary
A Government spokesman said that the value of merchandise exports continued to fall sharply from a year earlier in September 2022 amid the deteriorating external environment and continued disruptions to cross-boundary land transportation. Exports to the Mainland, the United States and the European Union fell further, while those to other major Asian markets recorded mixed performance.
Looking forward, Hong Kong's export performance will remain under immense pressure, as elevated inflation in major advanced economies and more aggressive monetary policy tightening in response continue to dampen global demand. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for September 2022. Table 2 presents the original monthly trade statistics from January 2019 to September 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 September 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 September 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 September 2022 will be released in mid-November 2022.
The September 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2022 and will be available in mid-November 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/Tuesday, October 25, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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