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The Census and Statistics Department (C&SD) released today (January 26) the external merchandise trade statistics for December 2015. In December 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 1.1% and 4.6% respectively.
In December 2015, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 1.1% over a year earlier to $309.2 billion, after a year-on-year decrease of 3.5% in November 2015. Within this total, the value of re-exports decreased by 1.1% to $305.5 billion in December 2015, while the value of domestic exports decreased by 8.1% to $3.7 billion. Concurrently, the value of imports of goods decreased by 4.6% over a year earlier to $354.9 billion in December 2015, after a year-on-year decrease of 8.1% in November 2015. A visible trade deficit of $45.7 billion, equivalent to 12.9% of the value of imports of goods, was recorded in December 2015.
For 2015 as a whole, the value of total exports of goods dropped by 1.8% over 2014. Within this total, the value of re-exports decreased by 1.6%, while the value of domestic exports decreased by 15.2%. Concurrently, the value of imports of goods decreased by 4.1%. A visible trade deficit of $441.1 billion, equivalent to 10.9% of the value of imports of goods, was recorded in 2015.
Comparing the fourth quarter of 2015 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods remained virtually unchanged. Within this total, the value of re-exports remained virtually unchanged, while the value of domestic exports went down by 2.2%. Meanwhile, the value of imports of goods increased by 0.2%.
Analysis by country/territory
Comparing December 2015 with December 2014, total exports to Asia as a whole went down by 0.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Malaysia (-9.9%), Korea (-9.1%), Taiwan (-8.7%), Thailand (-8.1%), Singapore (-5.3%) and Japan (-0.7%). On the other hand, increases were recorded in the values of total exports to Indonesia (+15.8%) and India (+8.5%). The value of total exports to the mainland of China (the Mainland) also increased by 0.9%.
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 (-3.8%), the USA (-0.7%) and Germany (-0.4%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Switzerland (-17.9%), Japan (-13.1%), the USA (-11.8%), India (-11.7%), Taiwan (-9.5%) and Korea (-7.2%). The value of imports from the Mainland also decreased by 1.0%.
For 2015 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-18.0%), Korea (-12.8%), Japan (-6.6%), Germany (-3.2%), Singapore (-2.3%) and the Mainland (-2.1%). However, year-on-year increases were registered in the values of total exports to Vietnam (+14.7%), India (+8.1%) and the United Kingdom (+0.8%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from all major suppliers, in particular Switzerland (-22.1%), India (-13.7%), Japan (-9.9%), Taiwan (-8.6%) and Malaysia (-7.9%). The value of imports from the Mainland also decreased by 0.1%.
Analysis by major commodity
Comparing December 2015 with December 2014, decreases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $3.0 billion or -8.0%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.7 billion or -13.5%). However, increases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.4 billion or 9.2%) and "professional, scientific and controlling instruments and apparatus" (by $0.6 billion or 9.0%).
Over the same period of comparison, 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 $3.3 billion or -4.7%), "petroleum, petroleum products and related materials" (by $2.7 billion or -38.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.0 billion or -9.1%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.6 billion or 4.2%).
For 2015 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 $21.8 billion or -5.2%), "articles of apparel and clothing accessories" (by $16.3 billion or -10.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $12.6 billion or -5.7%). However, a year-on-year increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $38.5 billion or 3.5%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of most principal commodity divisions, in particular "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $29.5 billion or -11.0%), "petroleum, petroleum products and related materials" (by $28.8 billion or -29.1%) and "office machines and automatic data processing machines" (by $27.4 billion or -7.2%). However, a year-on-year increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $52.2 billion or 7.4%).
Commentary
A Government spokesman noted that the value of merchandise exports continued to record a year-on-year decrease in December 2015, though at a narrower pace, echoing the subdued regional production and trading activities amid the sluggish global demand conditions. Exports to most of the major markets were still weak.
The spokesman commented further that looking ahead, the external trading environment will remain challenging. The tepid global economic growth, coupled with uncertainties stemming from monetary policy normalisation in the US, diverging monetary policy among major central banks and heightened geopolitical tensions in various regions, would continue to constrain Hong Kong's export performance in the near term. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2015. Table 2 presents the original monthly trade statistics from January 2012 to December 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 December 2015 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 December 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 December 2015 will be released in mid-February 2016.
The December 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 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 the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).
Ends/Tuesday, January 26, 2016
Issued at HKT 16:30
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