External Merchandise Trade Statistics for October 2022
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In October 2022, the value of total exports of goods decreased by 10.4% over a year earlier to $374.7 billion, after a year-on-year decrease of 9.1% in September 2022. Concurrently, the value of imports of goods decreased by 11.9% over a year earlier to $395.5 billion in October 2022, after a year-on-year decrease of 7.8% in September 2022. A visible trade deficit of $20.9 billion, equivalent to 5.3% of the value of imports of goods, was recorded in October 2022.
For the first 10 months of 2022 as a whole, the value of total exports of goods dropped by 4.4% over the same period in 2021. Concurrently, the value of imports of goods decreased by 3.7%. A visible trade deficit of $315.5 billion, equivalent to 7.6% of the value of imports of goods, was recorded in the first 10 months of 2022.
Comparing the three-month period ending October 2022 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 6.3%. Meanwhile, the value of imports of goods decreased by 8.3%.
Analysis by country/territory
Comparing October 2022 with October 2021, total exports to Asia as a whole dropped by 11.6%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Malaysia (-25.1%), Japan (-24.1%), the mainland of China (the Mainland) (-12.9%) and India (-9.9%). On the other hand, increases were recorded in the values of total exports to Singapore (+4.0%) and Korea (+4.0%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-21.1%) and the USA (-19.5%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Thailand (-23.0%), Singapore (-18.7%), the Mainland (-18.3%), Taiwan (-13.4%) and Japan (-13.2%). Concurrently, increases were recorded in the values of imports from Vietnam (+57.8%) and the Philippines (+20.1%).
For the first 10 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 (-8.8%) and Japan (-8.7%). Concurrently, increases were recorded in the values of total exports to India (+37.8%), the United Arab Emirates (+35.6%), Singapore (+23.5%) and Vietnam (+17.4%).
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 (-11.3%), Japan (-8.7%) and Korea (-6.6%). On the other hand, increases were recorded in the values of imports from Vietnam (+30.4%), Taiwan (+12.0%), Malaysia (+10.9%) and the Philippines (+6.3%).
Analysis by major commodity
Comparing October 2022 with October 2021, 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 $15.5 billion or -22.7%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $9.5 billion or -5.1%), "office machines and automatic data processing machines" (by $7.0 billion or -15.1%) and "non-ferrous metals" (by $2.7 billion or -44.8%). On the other hand, an increase was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $7.1 billion or 90.3%).
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 $21.7 billion or -11.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.9 billion or -22.9%) and "office machines and automatic data processing machines" (by $6.1 billion or -14.9%). Concurrently, increases were registered in the values of imports of "professional, scientific and controlling instruments and apparatus" (by $3.4 billion or 36.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.2 billion or 8.4%).
For the first 10 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 $147.6 billion or -24.6%), "non-ferrous metals" (by $29.6 billion or -37.5%) and "office machines and automatic data processing machines" (by $29.0 billion or -6.5%). 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 $48.7 billion or 2.7%), "professional, scientific and controlling instruments and apparatus" (by $48.4 billion or 57.7%) and "non-metallic mineral manufactures" (by $11.7 billion or 8.5%).
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 $141.7 billion or -23.4%), "office machines and automatic data processing machines" (by $13.0 billion or -3.6%) and "essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations" (by $4.9 billion or -8.5%). Concurrently, year-on-year increases were registered in the values of imports of "professional, scientific and controlling instruments and apparatus" (by $36.2 billion or 40.7%), "petroleum, petroleum products and related materials" (by $15.6 billion or 32.9%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $14.5 billion or 6.0%).
Commentary
A Government spokesman said that the value of merchandise exports registered further visible fall from a year earlier in October 2022 as the external environment deteriorated and disruptions to cross-boundary land transportation continued. Exports to the Mainland, the United States and the European Union recorded double-digit declines, and those to most other major Asian markets saw worsened performance.
Looking forward, Hong Kong's export performance will stay under immense pressure, as elevated inflation and further monetary policy tightening in major advanced economies will continue to suppress global demand in the near term. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for October 2022. Table 2 presents the original monthly trade statistics from January 2019 to October 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 October 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 October 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 October 2022 will be released in mid-December 2022.
The October 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2022 and will be available in mid-December 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, November 28, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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