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The Census and Statistics Department (C&SD) released today (March 25) the external merchandise trade statistics for February 2014. In February 2014, the value of Hong Kong's total exports of goods decreased by 1.3%, whereas the value of imports of goods increased by 6.8% over a year earlier.
As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year holidays, it is useful to analyse the trade figures for these two months taken together.
Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year holidays, the value of total exports of goods (comprising re-exports and domestic exports) dropped by 0.8% over the same period in 2013. Within this total, the value of re-exports decreased by 0.8%, while the value of domestic exports decreased by 2.6%. Concurrently, the value of imports of goods increased by 1.4%. A visible trade deficit of $73.5 billion, equivalent to 12.5% of the value of imports of goods, was recorded in the first two months of 2014.
In February 2014, the value of total exports of goods decreased by 1.3% over a year earlier to $212.9 billion, after a year-on-year decrease of 0.4% in January 2014. Within this total, the value of re-exports decreased by 1.3% to $209.6 billion in February 2014, while the value of domestic exports decreased by 0.3% to $3.3 billion. Concurrently, the value of imports of goods increased by 6.8% over a year earlier to $266.6 billion in February 2014, after a year-on-year decrease of 2.7% in January 2014. A visible trade deficit of $53.7 billion, equivalent to 20.1% of the value of imports of goods, was recorded in February 2014.
Comparing the three-month period ending February 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.2%. Within this total, the value of re-exports decreased by 3.3%, whereas the value of domestic exports went up by 7.0%. Meanwhile, the value of imports of goods decreased by 0.9%.
Analysis by country/territory
Comparing February 2014 with February 2013, total exports to Asia as a whole grew by 3.7%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+33.1%), Singapore (+14.8%), Indonesia (+8.6%) and the mainland of China (the Mainland) (+6.5%). On the other hand, decreases were recorded in the values of total exports to India (-18.0%), Japan (-13.7%) and Korea (-10.9%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-19.7%), the USA (-19.5%) and the United Kingdom (-16.9%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+40.7%), Thailand (+29.3%), Taiwan (+25.8%), Switzerland (+20.7%) and India (+15.8%). Concurrently, decreases were registered in the values of imports from Singapore (-2.8%) and the Mainland (-0.8%).
For the first two months of 2014 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-16.3%), Germany (-8.0%), Japan (-3.6%), the USA (-2.3%), India (-1.3%) and the Mainland (-1.2%). However, year-on-year increases were registered in the values of total exports to Vietnam (+10.7%) and Korea (+2.2%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Malaysia (+36.1%), Thailand (+21.2%), Korea (+12.9%), Taiwan (+10.8%) and the USA (+7.8%). On the other hand, year-on-year decreases were registered in the values of imports from Singapore (-5.5%) and the Mainland (-3.8%).
Analysis by major commodity
Comparing February 2014 with February 2013, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines"(by $3.8 billion or -12.5%), "articles of apparel and clothing accessories" (by $3.2 billion or -30.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.8 billion or -6.6%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.2 billion or 18.0%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $14.4 billion or 22.0%) and "non-metallic mineral manufactures" (by $2.6 billion or 18.0%). However, decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $2.7 billion or -9.9%) and "petroleum, petroleum products and related materials" (by $2.0 billion or -19.3%).
For the first two months of 2014 as a whole, year-on-year decreases 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 $6.0 billion or -5.8%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $5.7 billion or -16.2%). However, year-on-year increases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $13.2 billion or 9.4%) and "non-metallic mineral manufactures" (by $2.9 billion or 14.3%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $19.6 billion or 13.0%) and "non-metallic mineral manufactures" (by $3.6 billion or 12.7%). However, year-on-year decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $7.7 billion or -12.3%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $4.0 billion or -9.9%).
Commentary
A Government spokesman noted that merchandise export performance in the first two months of 2014 was rather sluggish. This was broadly in line with the export performance in many other Asian economies, indicating that the growth pace of the advanced economies has yet to pick up further in order to generate a stronger demand for Asian exports.
The spokesman commented further that looking ahead, the trading environment is still subject to uncertainties arising from the future path of US monetary policy and its possible ramifications on emerging market economies. Nevertheless, the economic conditions in the advanced markets, if continued to improve, should provide some support. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2014. Table 2 presents the original monthly trade statistics from January 2011 to February 2014, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for February 2014 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 February 2014.
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 February 2014 will be released in mid-April 2014.
The February 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the February 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-April 2014. 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, March 25, 2014
Issued at HKT 16:30
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