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The Census and Statistics Department (C&SD) released today (May 28) the external merchandise trade statistics for April 2015. In April 2015, the value of Hong Kong's total exports of goods increased by 2.2%, whereas the value of imports of goods decreased by 2.9% over a year earlier.
In April 2015, the value of total exports of goods (comprising re-exports and domestic exports) increased by 2.2% over a year earlier to $291.9 billion, after a year-on-year decrease of 1.8% in March 2015. Within this total, the value of re-exports increased by 2.5% to $287.7 billion in April 2015, whereas the value of domestic exports decreased by 13.7% to $4.2 billion. Concurrently, the value of imports of goods decreased by 2.9% over a year earlier to $331.1 billion in April 2015, after a year-on-year decrease of 2.7% in March 2015. A visible trade deficit of $39.2 billion, equivalent to 11.8% of the value of imports of goods, was recorded in April 2015.
For the first four months 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 11.0%. Concurrently, the value of imports of goods increased by 0.3%. A visible trade deficit of $156.9 billion, equivalent to 12.2% of the value of imports of goods, was recorded in the first four months of 2015.
Comparing the three-month period ending April 2015 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 1.0%. Within this total, the value of re-exports decreased by 0.9%, while the value of domestic exports went down by 4.7%. Meanwhile, the value of imports of goods decreased by 1.2%.
Analysis by country/territory
Comparing April 2015 with April 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 the Philippines (+31.6%), India (+20.2%), Malaysia (+19.2%), Vietnam (+14.2%) and Thailand (+11.8%). On the other hand, decreases were recorded in the values of total exports to Taiwan (-20.0%), Korea (-10.3%), Japan (-0.8%) and the mainland of China (the Mainland) (-0.1%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (+14.6%) and the USA (+9.6%). Concurrently, a decrease was registered in the value of total exports to Germany (-7.7%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-20.6%), Malaysia (-19.8%), Japan (-13.9%), Taiwan (-12.6%) and Singapore (-8.3%). Concurrently, increases were registered in the values of imports from Korea (+11.2%) and the Mainland (+1.4%).
For the first four months of 2015 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Thailand (+19.7%), Vietnam (+16.2%), India (+10.6%), the USA (+6.2%), Singapore (+4.8%) and the Mainland (+1.1%). However, year-on-year decreases were registered in the values of total exports to Taiwan (-13.9%), Korea (-6.4%) and Japan (-5.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Korea (+9.6%), the Mainland (+3.5%) and the USA (+2.3%). On the other hand, year-on-year decreases were registered in the values of imports from Switzerland (-12.8%), Malaysia (-9.6%) and India (-7.2%).
Analysis by major commodity
Comparing April 2015 with April 2014, increases 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 $7.3 billion or 14.2%), "office machines and automatic data processing machines" (by $4.3 billion or 14.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $0.9 billion or 1.0%). However, a decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $1.2 billion or -12.8%).
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 $5.3 billion or -5.0%), "petroleum, petroleum products and related materials" (by $2.2 billion or -24.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.6 billion or -8.0%). However, an increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.0 billion or 15.4%).
For the first four months of 2015 as a whole, year-on-year increases 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 $19.8 billion or 9.7%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $17.6 billion or 5.3%) and "office machines and automatic data processing machines" (by $4.7 billion or 3.8%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $4.7 billion or -10.5%).
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 $34.1 billion or 17.3%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.4 billion or 1.4%). However, year-on-year decreases were registered in the values of imports of "petroleum, petroleum products and related materials" (by $8.1 billion or -22.3%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $6.4 billion or -8.0%).
Commentary
A Government spokesman noted that merchandise export performance remained modest in April. Exports to the US fared better, but those to the EU stayed subdued and Asian markets as a whole grew only mildly, reflecting the uneven recovery in the advanced economies and their spillover onto the Asian economies.
The spokesman commented further that looking ahead, Hong Kong's external trade performance is likely to remain constrained by the unsteady external environment. Uncertainties stemming from the diverging monetary policy among major central banks, the Greek debt problem, and geopolitical tensions in various regions will also add to the external headwinds. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2015. Table 2 presents the original monthly trade statistics from January 2012 to April 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 April 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 April 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 April 2015 will be released in mid-June 2015.
The April 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June 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/Thursday, May 28, 2015
Issued at HKT 16:30
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