External Merchandise Trade Statistics for November 2022
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In November 2022, the value of total exports of goods decreased by 24.1% over a year earlier to $360.0 billion, after a year-on-year decrease of 10.4% in October 2022. Concurrently, the value of imports of goods decreased by 20.3% over a year earlier to $387.1 billion in November 2022, after a year-on-year decrease of 11.9% in October 2022. A visible trade deficit of $27.1 billion, equivalent to 7.0% of the value of imports of goods, was recorded in November 2022.
For the first 11 months of 2022 as a whole, the value of total exports of goods dropped by 6.4% over the same period in 2021. Concurrently, the value of imports of goods decreased by 5.4%. A visible trade deficit of $343.7 billion, equivalent to 7.6% of the value of imports of goods, was recorded in the first 11 months of 2022.
Comparing the three-month period ending November 2022 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 5.0%. Meanwhile, the value of imports of goods decreased by 4.9%.
Analysis by country/territory
Comparing November 2022 with November 2021, total exports to Asia as a whole dropped by 25.9%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Japan (-30.4%), the mainland of China (the Mainland) (-29.7%), the Philippines (-22.7%), Vietnam (-22.2%) and Taiwan (-16.1%). On the other hand, increases were recorded in the values of total exports to India (+7.4%) and Singapore (+5.4%).
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 (-39.6%), Germany (-30.7%) and the USA (-26.8%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Singapore (-31.5%), the Mainland (-27.7%), Japan (-19.7%), the USA (-17.5%), Taiwan (-12.9%) and Korea (-11.9%). Concurrently, increases were recorded in the values of imports from the Philippines (+14.7%) and Malaysia (+9.6%).
For the first 11 months of 2022 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Japan (-11.0%) and the Mainland (-11.0%). Concurrently, increases were recorded in the values of total exports to the United Arab Emirates (+34.8%), India (+34.7%), Singapore (+21.7%) and Vietnam (+13.0%).
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 (-13.1%), Japan (-9.7%) and Korea (-7.1%). On the other hand, increases were recorded in the values of imports from Vietnam (+27.4%), Malaysia (+10.8%), Taiwan (+9.5%) and the Philippines (+7.1%).
Analysis by major commodity
Comparing November 2022 with November 2021, decreases 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 $42.1 billion or -20.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $27.2 billion or -34.0%), "office machines and automatic data processing machines" (by $20.8 billion or -35.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.4 billion or -22.6%). On the other hand, an increase was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $4.7 billion or 51.9%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $38.4 billion or -18.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.1 billion or -34.0%) and "office machines and automatic data processing machines" (by $12.4 billion or -29.0%). Concurrently, an increase was registered in the value of imports of "professional, scientific and controlling instruments and apparatus" (by $4.0 billion or 41.4%).
For the first 11 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 $174.6 billion or -25.7%), "office machines and automatic data processing machines" (by $49.8 billion or -9.9%) and "non-ferrous metals" (by $30.7 billion or -35.9%). On the other hand, year-on-year increases were registered in the values of total exports of "professional, scientific and controlling instruments and apparatus" (by $53.1 billion or 57.2%) and "non-metallic mineral manufactures" (by $11.5 billion or 7.5%).
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 $166.8 billion or -24.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $28.6 billion or -1.4%), "non-ferrous metals" (by $26.8 billion or -31.9%) and "office machines and automatic data processing machines" (by $25.3 billion or -6.2%). Concurrently, year-on-year increases were registered in the values of imports of "professional, scientific and controlling instruments and apparatus" (by $40.2 billion or 40.8%), "petroleum, petroleum products and related materials" (by $14.9 billion or 26.9%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $11.2 billion or 4.1%).
Commentary
A Government spokesman said that the year-on-year fall in the value of merchandise exports widened in November 2022 amid the deteriorating external environment and disruptions to cross-boundary land transportation. Exports to the Mainland, the United States and the European Union continued to register double-digit declines. Exports to most other major Asian markets saw worsened performance.
Hong Kong's export performance will continue to face huge challenges in the near term, as monetary policy tightening in advanced economies further dampens demand. Nonetheless, the recent relaxation of cross-boundary land transportation restrictions may offset some of the pressures. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for November 2022. Table 2 presents the original monthly trade statistics from January 2019 to November 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 November 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 November 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 November 2022 will be released in mid-January 2023.
The November 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2022 and will be available in mid-January 2023. 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/Thursday, December 29, 2022
Issued at HKT 16:30
Issued at HKT 16:30
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