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The Census and Statistics Department (C&SD) released today (June 27) the external merchandise trade statistics for May 2016. In May 2016, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 0.1% and 4.3% respectively.
In May 2016, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 0.1% over a year earlier to $291.5 billion, after a year-on-year decrease of 2.3% in April 2016. Within this total, the value of re-exports increased by 0.2% to $288.0 billion in May 2016, whereas the value of domestic exports decreased by 18.0% to $3.5 billion. Concurrently, the value of imports of goods decreased by 4.3% over a year earlier to $317.7 billion in May 2016, after a year-on-year decrease of 4.5% in April 2016. A visible trade deficit of $26.2 billion, equivalent to 8.3% of the value of imports of goods, was recorded in May 2016.
For the five months of 2016 as a whole, the value of total exports of goods dropped by 4.5% over the same period in 2015. Within this total, the value of re-exports decreased by 4.3%, while the value of domestic exports decreased by 16.6%. Concurrently, the value of imports of goods decreased by 6.6%. A visible trade deficit of $154.2 billion, equivalent to 10.2% of the value of imports of goods, was recorded in the first five months of 2016.
Comparing the three-month period ending May 2016 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 2.7%. Within this total, the value of re-exports increased by 2.9%, whereas the value of domestic exports went down by 7.3%. Meanwhile, the value of imports of goods increased by 1.4%.
Analysis by country/territory
Comparing May 2016 with May 2015, total exports to Asia as a whole grew by 0.6%. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+37.1%), Taiwan (+22.1%), the Philippines (+5.7%) and the mainland of China (the Mainland) (+0.9%). On the other hand, decreases were recorded in the values of total exports to Vietnam (-21.6%), Malaysia (-19.6%), Japan (-7.8%) and Korea (-1.9%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-13.4%) and the USA (-6.1%). Concurrently, an increase was registered in the value of total exports to Germany (+2.2%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular the USA (-16.6%), Japan (-14.0%), Thailand (-10.1%), Singapore (-9.8%), Malaysia (-9.4%) and the Mainland (-3.8%). Concurrently, increases were registered in the values of imports from India (+16.3%) and Korea (+10.0%).
For the first five 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 (-8.6%), Vietnam (-7.6%), the USA (-6.2%), Japan (-6.0%), the Mainland (-5.9%) and Taiwan (-1.2%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Japan (-13.0%), Switzerland (-10.6%), the USA (-8.4%), Singapore (-7.6%), the Mainland (-6.9%) and Thailand (-6.1%).
Analysis by major commodity
Comparing May 2016 with May 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 $2.3 billion or -7.4%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.4 billion or -8.7%) and "articles of apparel and clothing accessories" (by $1.2 billion or -10.7%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.2 billion or 7.6%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $3.0 billion or -11.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.4 billion or -4.2%) and "textile yarn, fabrics, made-up articles and related products" (by $1.1 billion or -16.8%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.4 billion or 4.2%).
For the first five months of 2016 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $22.7 billion or -14.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.9 billion or -4.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $8.9 billion or -10.7%). However, a year-on-year increase was registered in the value of total exports of "non-metallic mineral manufactures" (by $9.6 billion or 14.4%).
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 $27.7 billion or -9.6%), "office machines and automatic data processing machines" (by $16.9 billion or -12.3%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $4.0 billion or -9.4%). However, a year-on-year increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.5 billion or 1.7%).
Commentary
A Government spokesman noted that merchandise exports showed further relative improvement in May, with total value registering little change over a year earlier. Among the major markets, exports to the US and Japan were still weak, while those to the EU and the Mainland increased slightly. Exports to India and Taiwan saw more notable growth in May.
The spokesman commented further that looking ahead, Hong Kong's export performance will still depend on the global demand conditions, particularly whether the major advanced economies will gather growth momentum. External uncertainties have increased following UK's vote in favour of leaving the EU, which could have negative spillovers on the global economy and international financial markets. Besides, the monetary policy normalisation in the US, diverging monetary policy stances among major central banks, and geopolitical tensions are also causes for concern. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2016. Table 2 presents the original monthly trade statistics from January 2013 to May 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 May 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 May 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 May 2016 will be released in mid-July 2016.
The May 2016 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2016. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2016 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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/Monday, June 27, 2016
Issued at HKT 16:30
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