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The Census and Statistics Department (C&SD) released today (November 25) the external merchandise trade statistics for October 2014. In October 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 2.7% and 5.6% respectively.
In October 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 2.7% over a year earlier to $331.7 billion, after a year-on-year increase of 4.5% in September 2014. Within this total, the value of re-exports increased by 2.7% to $327.3 billion in October 2014, whereas the value of domestic exports decreased by 1.5% to $4.4 billion. Concurrently, the value of imports of goods increased by 5.6% over a year earlier to $381.6 billion in October 2014, after a year-on-year increase of 6.3% in September 2014. A visible trade deficit of $49.8 billion, equivalent to 13.1% of the value of imports of goods, was recorded in October 2014.
For the first 10 months of 2014 as a whole, the value of total exports of goods rose by 3.8% over the same period in 2013. Within this total, the value of re-exports increased by 3.8%, while the value of domestic exports increased by 3.0%. Concurrently, the value of imports of goods increased by 4.3%. A visible trade deficit of $435.1 billion, equivalent to 12.5% of the value of imports of goods, was recorded in the first 10 months of 2014.
Comparing the three-month period ending October 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 0.5%. Within this total, the value of re-exports increased by 0.7%, whereas the value of domestic exports went down by 10.3%. Meanwhile, the value of imports of goods increased by 2.5%.
Analysis by country/territory
Comparing October 2014 with October 2013, total exports to Asia as a whole grew by 1.7%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+43.8%), Malaysia (+42.1%), the Philippines (+17.2%), Thailand (+13.7%), India (+12.0%) and the mainland of China (the Mainland) (+0.1%). On the other hand, decreases were recorded in the values of total exports to Korea (-10.8%) and Taiwan (-2.8%).
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 USA (+3.7%). Concurrently, decreases were registered in the values of total exports to Germany (-12.3%) and the United Kingdom (-1.7%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+29.6%), Taiwan (+24.2%), Korea (+21.9%), Thailand (+21.5%) and Singapore (+8.4%). The value of imports from the Mainland also rose by 4.4%. Concurrently, a decrease was registered in the value of imports from Malaysia (-14.0%).
For the first 10 months of 2014 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+16.0%), India (+14.8%), the Mainland (+2.5%), the USA (+1.9%) and Taiwan (+1.8%). However, year-on-year decreases were registered in the values of total exports to Germany (-1.7%) and Japan (-1.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Malaysia (+16.9%), Taiwan (+16.3%), Thailand (+15.4%), Korea (+10.2%) and India (+7.5%). The value of imports from the Mainland also rose by 2.2%.
Analysis by major commodity
Comparing October 2014 with October 2013, 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 $4.4 billion or 6.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.3 billion or 4.5%) and "office machines and automatic data processing machines" (by $2.6 billion or 7.5%).
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 $11.8 billion or 11.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.1 billion or 12.9%) and "office machines and automatic data processing machines" (by $2.2 billion or 7.0%).
For the first 10 months of 2014 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $94.3 billion or 11.5%), "non-metallic mineral manufactures" (by $19.7 billion or 15.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.8 billion or 2.6%). However, a year-on-year decrease was registered in the value of total exports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $12.6 billion or -6.6%).
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 $139.1 billion or 15.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $20.7 billion or 3.8%) and "non-metallic mineral manufactures" (by $16.3 billion or 10.1%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $18.7 billion or 5.7%).
Commentary
A Government spokesman noted that merchandise exports recorded a modest year-on-year growth in value terms in October. While the EU and Japanese markets stayed weak, the US market picked up moderately and many Asian markets saw further notable growth.
The spokesman commented further that looking ahead, the performance of Hong Kong's exports in the near term will likely continue to be constrained by the modest expansion of the global economy, against the backdrop of the lack of growth in the eurozone and Japan as well as geopolitical tensions in various parts of the world. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2014. Table 2 presents the original monthly trade statistics from January 2011 to October 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 October 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 October 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 October 2014 will be released in mid-December 2014.
The October 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December 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, November 25, 2014
Issued at HKT 16:31
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