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External merchandise trade statistics for January 2023
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     The Census and Statistics Department (C&SD) released today (February 27) the external merchandise trade statistics for January 2023. In January 2023, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 36.7% and 30.2% respectively.
 
     In January 2023, the value of total exports of goods decreased by 36.7% over a year earlier to $290.9 billion, after a year-on-year decrease of 28.9% in December 2022. Concurrently, the value of imports of goods decreased by 30.2% over a year earlier to $316.3 billion in January 2023, after a year-on-year decrease of 23.5% in December 2022. A visible trade deficit of $25.4 billion, equivalent to 8.0% of the value of imports of goods, was recorded in January 2023.
 
     Comparing the three-month period ending January 2023 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 13.8%. Meanwhile, the value of imports of goods decreased by 8.1%.
 
Analysis by country/territory
 
     Comparing January 2023 with January 2022, total exports to Asia as a whole dropped by 41.4%. In this region, decreases were registered in the values of total exports to most major destinations, in particular Japan (-50.0%), Singapore (-45.2%), Taiwan (-45.1%), the mainland of China (the Mainland) (-43.7%) and Vietnam (-41.7%).
 
     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-40.0%), the USA (-28.8%) and the United Kingdom (-27.0%).
 
     Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular the Mainland (-39.1%), Vietnam (-38.4%), Korea (-36.2%), Japan (-29.7%), Singapore (-23.1%), Malaysia (-22.2%) and India (-20.7%).
 
     Comparing the three months ending January 2023 with the three months ending January 2022, year-on-year decreases were registered in the values of total exports to most major destinations, in particular Japan (-40.3%), the Mainland (-34.3%), Taiwan (-32.5%), Vietnam (-31.1%) and the USA (-27.5%). Concurrently, an increase was recorded in the value of total exports to the United Arab Emirates (+24.9%).
 
     Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular the Mainland (-31.4%), Korea (-31.1%), Japan (-22.0%), Singapore (-21.0%), Vietnam (-19.4%) and the USA (-18.7%). On the other hand, an increase was recorded in the value of imports from the Philippines (+10.2%).
 
Analysis by major commodity
 
     Comparing January 2023 with January 2022, 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 $78.7 billion or -37.7%), "office machines and automatic data processing machines" (by $31.8 billion or -52.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $19.2 billion or -32.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.9 billion or -24.4%).
 
     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 $60.2 billion or -30.8%), "office machines and automatic data processing machines" (by $22.6 billion or -48.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $20.6 billion or -34.9%).
 
     Comparing the three months ending January 2023 with the three months ending January 2022, year-on-year 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 $170.1 billion or -26.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $78.7 billion or -36.8%), "office machines and automatic data processing machines" (by $76.5 billion or -42.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $17.7 billion or -25.2%).
 
     Over the same period of comparison, year-on-year 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 $141.0 billion or -22.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $78.7 billion or -37.5%), "office machines and automatic data processing machines" (by $51.9 billion or -37.4%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $15.2 billion or -16.5%).
 
Commentary
 
     A Government spokesman said that in January 2023, the value of merchandise exports fell further notably from a year earlier amid the slackened external environment. The performance could also be affected by the early arrival of the Lunar New Year this year. Exports to all major markets fell by varying degrees.
 
     Looking ahead, while the slower global economic growth will continue to pose severe challenges to Hong Kong's export performance in the near term, the expected faster growth of the Mainland economy and the lifting of cross-boundary truck movement restrictions between Hong Kong and the Mainland should alleviate part of the pressure. The Government will monitor the situation closely.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for January 2023. Table 2 presents the original monthly trade statistics from January 2020 to January 2023, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for January 2023 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 January 2023.
 
     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 January 2023 will be released in mid-March 2023.
 
     The January 2023 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2023 and will be available in mid-March 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/Monday, February 27, 2023
Issued at HKT 16:30
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