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The Census and Statistics Department (C&SD) released today (May 26) the external merchandise trade statistics for April 2016. In April 2016, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 2.3% and 4.5% respectively.
In April 2016, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 2.3% over a year earlier to $285.3 billion, after a year-on-year decrease of 7.0% in March 2016. Within this total, the value of re-exports decreased by 2.0% to $281.9 billion in April 2016, while the value of domestic exports decreased by 19.0% to $3.4 billion. Concurrently, the value of imports of goods decreased by 4.5% over a year earlier to $316.3 billion in April 2016, after a year-on-year decrease of 5.8% in March 2016. A visible trade deficit of $31.0 billion, equivalent to 9.8% of the value of imports of goods, was recorded in April 2016.
For the first four months of 2016 as a whole, the value of total exports of goods dropped by 5.6% over the same period in 2015. Within this total, the value of re-exports decreased by 5.5%, while the value of domestic exports decreased by 16.2%. Concurrently, the value of imports of goods decreased by 7.2%. A visible trade deficit of $128.2 billion, equivalent to 10.7% of the value of imports of goods, was recorded in the first four months of 2016.
Comparing the three-month period ending April 2016 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 6.3%. Within this total, the value of re-exports decreased by 6.4%, while the value of domestic exports went down by 4.3%. Meanwhile, the value of imports of goods decreased by 5.9%.
Analysis by country/territory
Comparing April 2016 with April 2015, total exports to Asia as a whole went down by 3.8%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Malaysia (-21.6%), Thailand (-7.0%), Japan (-6.4%), the mainland of China (the Mainland) (-4.8%) and the Philippines (-2.7%). On the other hand, increases were recorded in the values of total exports to India (+22.8%), Singapore (+5.0%) and Korea (+4.3%).
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 (-2.0%) and the USA (-1.3%). Concurrently, an increase was registered in the value of total exports to Germany (+10.0%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Korea (-14.8%), Thailand (-8.0%), Japan (-6.0%), the Mainland (-5.9%) and the USA (-4.4%). Concurrently, increases were registered in the values of imports from India (+27.2%), Singapore (+2.4%) and Malaysia (+1.9%).
For the first four months of 2016 as a whole, year-on-year decreases were registered in the values of total exports to most major destinations, in particular Korea (-10.6%), the Mainland (-7.6%), Taiwan (-7.0%), the USA (-6.2%), Japan (-5.6%) and Vietnam (-3.4%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Switzerland (-13.9%), Japan (-12.7%), Korea (-8.1%), the Mainland (-7.7%) and Singapore (-7.0%).
Analysis by major commodity
Comparing April 2016 with April 2015, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $4.0 billion or -12.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.8 billion or -4.8%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.4 billion or -8.1%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.9 billion or 4.2%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.7 billion or -6.2%), "office machines and automatic data processing machines" (by $3.5 billion or -12.3%) and "textile yarn, fabrics, made-up articles and related products" (by $0.9 billion or -13.2%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.5 billion or 4.5%).
For the first four months of 2016 as a whole, year-on-year decreases were registered in the values of total exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $20.5 billion or -15.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.0 billion or -4.9%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $7.5 billion or -11.2%). However, a year-on-year increase was registered in the value of total exports of "non-metallic mineral manufactures" (by $5.9 billion or 10.7%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.4 billion or -11.0%), "office machines and automatic data processing machines" (by $13.9 billion or -12.6%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $4.2 billion or -12.2%). However, a year-on-year increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.2 billion or 1.1%).
Commentary
A Government spokesman noted that the value of merchandise exports recorded a narrower year-on-year rate of decline in April, with the EU and some Asian markets showing more discernible improvements.
The spokesman commented further that looking ahead, Hong Kong's export performance will hinge on whether the advanced economies will continue to improve and provide impetus to trade flows in Asia. However, the uncertainties in the external environment are still notable, including those originating from monetary policy normalisation in the US, diverging monetary policy stances among major central banks, and geopolitical tensions. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2016. Table 2 presents the original monthly trade statistics from January 2013 to April 2016, 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 2016 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 April 2016.
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 2016 will be released in mid-June 2016.
The April 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June 2016. 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 26, 2016
Issued at HKT 16:30
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