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The Census and Statistics Department (C&SD) released today (April 28) the external merchandise trade statistics for March 2015. In March 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases at 1.8% and 2.7% respectively.
In March 2015, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 1.8% over a year earlier to $296.1 billion, after a year-on-year increase of 7.2% in February 2015. Within this total, the value of re-exports decreased by 1.5% to $292.1 billion in March 2015, while the value of domestic exports decreased by 21.6% to $4.0 billion. Concurrently, the value of imports of goods decreased by 2.7% over a year earlier to $342.3 billion in March 2015, after a year-on-year decrease of 0.9% in February 2015. A visible trade deficit of $46.2 billion, equivalent to 13.5% of the value of imports of goods, was recorded in March 2015.
For the first quarter of 2015 as a whole, the value of total exports of goods rose by 2.3% over the same period in 2014. Within this total, the value of re-exports increased by 2.5%, whereas the value of domestic exports decreased by 10.1%. Concurrently, the value of imports of goods increased by 1.4%. A visible trade deficit of $118.7 billion, equivalent to 12.4% of the value of imports of goods, was recorded in the first quarter of 2015.
Comparing the first quarter of 2015 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 1.3%. Within this total, the value of re-exports decreased by 1.3%, while the value of domestic exports went down by 1.6%. Meanwhile, the value of imports of goods decreased by 2.4%.
Analysis by country/territory
Comparing March 2015 with March 2014, total exports to Asia as a whole grew by 1.1%. In this region, increases were registered in the values of total exports to some major destinations, in particular Malaysia (+20.1%), Thailand (+12.1%), India (+9.8%), Vietnam (+7.8%) and the mainland of China (the Mainland) (+3.0%). On the other hand, decreases were recorded in the values of total exports to Taiwan (-22.2%), Japan (-20.1%) and Singapore (-6.7%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-20.6%), the United Kingdom (-13.8%) and the USA (-11.8%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Thailand (-16.8%), India (-14.4%), Japan (-10.1%), Switzerland (-5.5%) and Malaysia (-3.2%). The value of imports from the Mainland also decreased by 2.5%. Concurrently, increases were registered in the values of imports from the USA (+12.3%) and Korea (+8.2%).
For the first quarter of 2015 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Thailand (+22.4%), Vietnam (+16.9%), India (+7.5%), Singapore (+5.6%), the USA (+4.8%) and the Mainland (+1.6%). However, year-on-year decreases were registered in the values of total exports to the Taiwan (-11.6%), Japan (-7.2%) and Korea (-5.2%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Korea (+8.9%), the USA (+4.9%) and the Mainland (+4.3%). On the other hand, year-on-year decreases were registered in the values of imports from Switzerland (-9.9%), India (-6.6%) and Malaysia (-6.0%).
Analysis by major commodity
Comparing March 2015 with March 2014, decreases were registered in the values of total exports of some principal commodity divisions, in particular "articles of apparel and clothing accessories" (by $3.3 billion or -31.6%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.9 billion or -10.6%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $1.3 billion or -14.3%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.0 billion or 6.8%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "non-metallic mineral manufactures" (by $2.7 billion or -14.1%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.8 billion or -7.4%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.6 billion or -1.5%). However, an increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.3 billion or 7.9%).
For the first quarter of 2015 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 $16.6 billion or 6.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.4 billion or 8.1%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.8 billion or 3.9%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $3.5 billion or -9.9%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.1 billion or 18.0%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.4 billion or 3.8%). However, year-on-year decreases were registered in the values of imports of "petroleum, petroleum products and related materials" (by $5.9 billion or -21.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $4.7 billion or -7.8%).
Commentary
A Government spokesman noted that the value of merchandise exports decreased slightly in March over a year earlier. This contrasted with the moderate increases in the first two months of the year, reflecting continued unsteadiness in the external trading environment. Exports to major advanced economies fell back visibly in March, while those to the Mainland grew moderately and those to some Asian economies continued to register notable growth.
The spokesman commented further that looking ahead, Hong Kong's near-term export performance will still be constrained by the slow global economic recovery and the headwinds arising from the diverging monetary policy among major central banks. Besides, the Greek debt problem and geopolitical tensions in various regions are also worrying. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2015. Table 2 presents the original monthly trade statistics from January 2012 to March 2015, 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 2015 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 2015.
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 2015 will be released in mid-May 2015.
The March 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 2015. 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/Tuesday, April 28, 2015
Issued at HKT 16:31
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