External merchandise trade statistics for December 2022
*******************************************************
In December 2022, the value of total exports of goods decreased by 28.9% over a year earlier to $348.1 billion, after a year-on-year decrease of 24.1% in November 2022. Concurrently, the value of imports of goods decreased by 23.5% over a year earlier to $399.7 billion in December 2022, after a year-on-year decrease of 20.3% in November 2022. A visible trade deficit of $51.6 billion, equivalent to 12.9% of the value of imports of goods, was recorded in December 2022.
For 2022 as a whole, the value of total exports of goods dropped by 8.6% over 2021. Concurrently, the value of imports of goods decreased by 7.2%. A visible trade deficit of $395.8 billion, equivalent to 8.0% of the value of imports of goods, was recorded in 2022.
Comparing the fourth quarter of 2022 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 7.0%. Meanwhile, the value of imports of goods decreased by 6.5%.
Analysis by country/territory
Comparing December 2022 with December 2021, total exports to Asia as a whole dropped by 29.2%. In this region, decreases were registered in the values of total exports to most major destinations, in particular Japan (-39.3%), Taiwan (-34.4%), Thailand (-31.0%), the mainland of China (the Mainland) (-30.4%) and Vietnam (-26.5%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-44.1%), the United Kingdom (-39.6%) and the USA (-26.7%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Korea (-43.3%), Thailand (-39.1%), Malaysia (-29.4%), the Mainland (-28.2%), Vietnam (-19.1%), the USA (-18.9%), Japan (-17.5%) and Taiwan (-14.1%).
For 2022 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Japan (-13.8%), the Mainland (-12.9%) and the USA (-5.5%). Concurrently, increases were recorded in the values of total exports to the United Arab Emirates (+35.3%), India (+29.0%), Singapore (+18.6%) and Korea (+9.2%).
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 (-14.6%), Korea (-10.7%) and Japan (-10.4%). On the other hand, increases were recorded in the values of imports from Vietnam (+22.3%), the Philippines (+7.4%), Taiwan (+7.3%) and Malaysia (+6.1%).
Analysis by major commodity
Comparing December 2022 with December 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 $49.0 billion or -21.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $32.9 billion or -44.1%), "office machines and automatic data processing machines" (by $24.1 billion or -39.8%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $6.3 billion or -28.7%).
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 $41.3 billion or -17.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $32.9 billion or -42.8%), "office machines and automatic data processing machines" (by $17.9 billion or -35.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.7 billion or -27.1%).
For 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 $207.0 billion or -27.5%), "office machines and automatic data processing machines" (by $73.7 billion or -13.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $42.6 billion or -1.9%) and "non-ferrous metals" (by $32.6 billion or -35.3%). On the other hand, an increase was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $53.3 billion or 52.3%).
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 $199.7 billion or -26.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $70.9 billion or -3.1%), "office machines and automatic data processing machines" (by $42.3 billion or -9.3%) and "non-ferrous metals" (by $27.7 billion or -30.5%). Concurrently, year-on-year increases were registered in the values of imports of "professional, scientific and controlling instruments and apparatus" (by $41.3 billion or 38.1%) and "petroleum, petroleum products and related materials" (by $16.5 billion or 27.7%).
Commentary
A Government spokesman said that the year-on-year fall in the value of merchandise exports widened further in December 2022, reflecting the significant drags of the deteriorating external environment and disruptions to cross-boundary land transportation. Exports to the Mainland, the United States and the European Union all continued to fall sharply. Exports to other major Asian markets recorded decreases of varying degree.
Hong Kong's export performance will continue to be adversely affected by the weak global growth in the near term. Nonetheless, the gradual revival of cross-boundary land transportation after the recent relaxation of relevant restrictions should offset some of the pressure. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for December 2022. Table 2 presents the original monthly trade statistics from January 2019 to December 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 December 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 December 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 December 2022 will be released in mid-February 2023.
The December 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2022 and will be available in mid-February 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, January 26, 2023
Issued at HKT 16:30
Issued at HKT 16:30
NNNN