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The Census and Statistics Department (C&SD) released today (July 27) the external merchandise trade statistics for June 2015. In June 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 3.1% and 2.0% respectively.
In June 2015, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 3.1% over a year earlier to $299.5 billion, after a year-on-year decrease of 4.6% in May 2015. Within this total, the value of re-exports decreased by 3.0% to $295.4 billion in June 2015, while the value of domestic exports decreased by 13.4% to $4.2 billion. Concurrently, the value of imports of goods decreased by 2.0% over a year earlier to $345.3 billion in June 2015, after a year-on-year decrease of 4.7% in May 2015. A visible trade deficit of $45.8 billion, equivalent to 13.3% of the value of imports of goods, was recorded in June 2015.
For the first half of 2015 as a whole, the value of total exports of goods rose by 0.1% over the same period in 2014. Within this total, the value of re-exports increased by 0.3%, whereas the value of domestic exports decreased by 13.0%. Concurrently, the value of imports of goods decreased by 1.0%. A visible trade deficit of $242.3 billion, equivalent to 12.4% of the value of imports of goods, was recorded in the first half of 2015.
Comparing the second quarter of 2015 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 1.6%. Within this total, the value of re-exports decreased by 1.5%, while the value of domestic exports went down by 4.4%. Meanwhile, the value of imports of goods decreased by 3.0%.
Analysis by country/territory
Comparing June 2015 with June 2014, total exports to Asia as a whole went down by 4.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Korea (-23.8%), Taiwan (-18.2%), Malaysia (-10.7%), Thailand (-7.5%), Japan (-6.2%) and the mainland of China (the Mainland) (-4.3%). On the other hand, increases were recorded in the values of total exports to Vietnam (+19.3%) and the Philippines (+13.1%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-6.7%). Concurrently, an increase was registered in the value of total exports to the USA (+0.6%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-21.7%), Taiwan (-12.4%), Singapore (-10.7%), Japan (-8.3%), Thailand (-5.9%) and Korea (-2.5%). Concurrently, increases were registered in the values of imports from Malaysia (+6.5%), the USA (+4.4%) and the Mainland (+2.4%).
For the first half of 2015 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+20.0%), the United Kingdom (+6.3%), India (+5.3%), the USA (+5.1%) and Singapore (+3.1%). However, year-on-year decreases were registered in the values of total exports to Taiwan (-16.5%), Korea (-9.7%) and Japan (-7.1%). The value of total exports to the Mainland also decreased by 1.2%.
Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-17.6%), Malaysia (-8.5%), Japan (-7.6%), Taiwan (-6.7%), India (-6.6%) and Singapore (-3.1%). On the other hand, year-on-year increases were registered in the values of imports from the USA (+4.4%), Korea (+3.6%) and the Mainland (+2.2%).
Analysis by major commodity
Comparing June 2015 with June 2014, 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 $2.3 billion or -2.5%), "office machines and automatic data processing machines" (by $2.2 billion or -6.2%) and "articles of apparel and clothing accessories" (by $1.9 billion or -12.4%). However, an increase was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.5 billion or 4.5%).
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 $2.0 billion or -9.9%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.8 billion or -1.7%) and "office machines and automatic data processing machines" (by $1.5 billion or -4.8%). However, an increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.0 billion or 11.2%).
For the first half 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 $21.6 billion or 6.8%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $17.2 billion or 3.3%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.6 billion or 1.6%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $7.2 billion or -10.1%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of most principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $11.7 billion or -22.6%), "office machines and automatic data processing machines" (by $9.8 billion or -5.5%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $7.5 billion or -6.2%). However, a year-on-year increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $44.9 billion or 14.8%).
Commentary
A Government spokesman noted that merchandise exports remained weak in June, mainly reflecting the still-sluggish global demand conditions. While exports to some Asian emerging markets registered further notable growth, widespread weakness still prevailed across other major markets.
The spokesman commented further that looking ahead, the external environment would still be rather unsteady, given the headwinds from the slow global economic growth, diverging monetary policy directions among major central banks, the unresolved Greek debt problem and geopolitical tensions in various regions. This will likely continue to constrain Hong Kong's near-term export performance. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2015. Table 2 presents the original monthly trade statistics from January 2012 to June 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 June 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 June 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 June 2015 will be released in mid-August 2015.
The June 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August 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/Monday, July 27, 2015
Issued at HKT 16:31
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