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The Census and Statistics Department (C&SD) released today (April 28) the external merchandise trade statistics for March 2014. In March 2014, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 3.4% and 3.2% respectively.
In March 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 3.4% over a year earlier to $301.5 billion, after a year-on-year decrease of 1.3% in February 2014. Within this total, the value of re-exports increased by 3.4% to $296.4 billion in March 2014, while the value of domestic exports increased by 0.9% to $5.1 billion. Concurrently, the value of imports of goods increased by 3.2% over a year earlier to $351.9 billion in March 2014, after a year-on-year increase of 6.8% in February 2014. A visible trade deficit of $50.4 billion, equivalent to 14.3% of the value of imports of goods, was recorded in March 2014.
For the first quarter of 2014 as a whole, the value of total exports of goods rose by 0.7% over the same period in 2013. Within this total, the value of re-exports increased by 0.7%, whereas the value of domestic exports decreased by 1.1%. Concurrently, the value of imports of goods increased by 2.1%. A visible trade deficit of $124.0 billion, equivalent to 13.2% of the value of imports of goods, was recorded in the first quarter of 2014.
Comparing the first quarter of 2014 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 5.4%. Within this total, the value of re-exports decreased by 5.6%, whereas the value of domestic exports went up by 7.8%. Meanwhile, the value of imports of goods decreased by 3.1%.
Analysis by country/territory
Comparing March 2014 with March 2013, total exports to Asia as a whole grew by 0.2%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+17.3%), India (+15.6%), the Philippines (+13.4%), Thailand (+10.4%) and Vietnam (+8.8%). On the other hand, decreases were recorded in the values of total exports to Malaysia (-19.3%), Korea (-2.7%) and the mainland of China (the Mainland) (-2.3%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+13.9%), the United Kingdom (+13.6%) and the USA (+11.1%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Thailand (+15.7%), Taiwan (+12.0%), Singapore (+11.9%), Malaysia (+9.7%) and Japan (+7.9%). Meanwhile, the value of imports from the Mainland remained virtually unchanged.
For the first quarter of 2014 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+9.9%), India (+5.2%) and Singapore (+4.2%). However, year-on-year decreases were registered in the values of total exports to Taiwan (-5.6%), the Mainland (-1.7%) and Germany (-1.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Malaysia (+25.7%), Thailand (+19.2%), Taiwan (+11.3%), Korea (+7.8%) and the USA (+4.2%). On the other hand, a year-on-year decrease was registered in the value of imports from the Mainland (-2.4%).
Analysis by major commodity
Comparing March 2014 with March 2013, increases were registered in the values of total exports of some principal commodity divisions, in particular "non-metallic mineral manufactures" (by $4.4 billion or 28.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.0 billion or 7.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.5 billion or 4.2%). However, a decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $7.1 billion or -18.1%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.2 billion or 10.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.4 billion or 6.5%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.0 billion or 9.1%). However, a decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $6.7 billion or -18.1%).
For the first quarter of 2014 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $16.7 billion or 7.5%) and "non-metallic mineral manufactures" (by $7.4 billion or 20.6%). However, year-on-year decreases were registered in the values of total exports of "office machines and automatic data processing machines" (by $8.8 billion or -8.4%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $4.9 billion or -9.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $29.9 billion or 12.1%) and "non-metallic mineral manufactures" (by $5.1 billion or 11.0%). However, year-on-year decreases were registered in the value of imports of "office machines and automatic data processing machines" (by $14.5 billion or -14.5%) and "petroleum, petroleum products and related materials" (by $3.9 billion or -12.6%).
Commentary
A Government spokesman noted that merchandise exports reverted to a modest year-on-year growth in value terms in March after a weak start at the beginning of the year. This mainly reflected the improved performance of the major advanced markets.
The spokesman commented further that looking ahead, the improving economic conditions in the advanced markets, if continued, should provide support to Asia's exports, including those of Hong Kong. However, the trading environment is still subject to uncertainties, including those associated with the future path of US monetary policy and the heightened geopolitical tensions in Eastern Europe. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2014. Table 2 presents the original monthly trade statistics from January 2011 to March 2014, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for March 2014 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for March 2014.
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 March 2014 will be released in mid-May 2014.
The March 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 2014. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp230.jsp).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).
Ends/Monday, April 28, 2014
Issued at HKT 16:30
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