External merchandise trade statistics for October 2017
******************************************************
In October 2017, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.7% over a year earlier to $334.7 billion, after a year-on-year increase of 9.4% in September 2017. Within this total, the value of re-exports increased by 6.7% to $331.0 billion in October 2017, while the value of domestic exports increased by 3.2% to $3.7 billion. Concurrently, the value of imports of goods increased by 7.9% over a year earlier to $378.7 billion in October 2017, after a year-on-year increase of 9.7% in September 2017. A visible trade deficit of $44.0 billion, equivalent to 11.6% of the value of imports of goods, was recorded in October 2017.
For the first 10 months of 2017 as a whole, the value of total exports of goods rose by 8.3% over the same period in 2016. Within this total, the value of re-exports increased by 8.4%, while the value of domestic exports increased by 1.5%. Concurrently, the value of imports of goods increased by 8.7%. A visible trade deficit of $381.7 billion, equivalent to 10.8% of the value of imports of goods, was recorded in the first 10 months of 2017.
Comparing the three-month period ending October 2017 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 1.4%. Within this total, the value of re-exports increased by 1.3%, while the value of domestic exports went up by 7.6%. Meanwhile, the value of imports of goods increased by 2.8%.
Analysis by country/territory
Comparing October 2017 with October 2016, total exports to Asia as a whole grew by 8.0%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+36.5%), Thailand (+23.4%), the Philippines (+17.4%), Japan (+14.9%), Taiwan (+10.8%), Korea (+6.8%) and the mainland of China (the Mainland) (+6.4%). On the other hand, a decrease was recorded in the value of total exports to Malaysia (-2.2%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (+22.6%), the United Kingdom (+6.1%) and the USA (+0.2%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+57.3%), the Philippines (+32.0%), Korea (+20.8%), Taiwan (+13.5%) and the Mainland (+6.9%). Concurrently, decreases were registered in the values of imports from India (-15.1%) and Japan (-4.1%).
For the first 10 months of 2017 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+35.1%), Taiwan (+26.9%), the Netherlands (+15.8%), Vietnam (+10.5%), Japan (+9.5%) and the Mainland (+9.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Korea (+30.9%), the Philippines (+30.5%), Malaysia (+18.8%), India (+15.7%), Singapore (+12.7%) and Taiwan (+11.8%). The value of imports from the Mainland also increased by 6.1%.
Analysis by major commodity
Comparing October 2017 with October 2016, 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 $7.6 billion or 6.8%), "office machines and automatic data processing machines" (by $4.8 billion or 15.5%) and "non-metallic mineral manufactures" (by $1.9 billion or 14.7%). However, a decrease was registered in the value of total exports of "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $0.6 billion or -6.1%).
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 $17.6 billion or 14.5%), "office machines and automatic data processing machines" (by $3.9 billion or 14.3%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.7 billion or 14.8%). However, a decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.5 billion or -2.1%).
For the first 10 months of 2017 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 $125.0 billion or 12.5%), "office machines and automatic data processing machines" (by $34.2 billion or 11.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $21.4 billion or 3.6%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $8.3 billion or -8.1%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $169.4 billion or 15.3%), "office machines and automatic data processing machines" (by $24.4 billion or 9.5%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $21.9 billion or 11.8%). However, a year-on-year decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $5.0 billion or -5.8%).
Commentary
A Government spokesman noted that merchandise exports continued to grow notably in October over a year earlier, thanks to an improving global economy, with almost all major markets registering varying degrees of increases.
The spokesman commented further that looking ahead, the global economy is expected to show further solid growth in the near term. The favourable external environment should continue to render support to our export performance, notwithstanding a higher base of comparison towards the end of last year when the current round of revival in trade flows began to take shape. The Government will continue to monitor closely the developments on the external front, including the increasingly complicated global monetary environment, possible rise in protectionist sentiment and elevated geopolitical tensions in various regions.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2017. Table 2 presents the original monthly trade statistics from January 2014 to October 2017, 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 2017 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 October 2017.
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 2017 will be released in mid-December 2017.
The October 2017 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2017. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2017 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December 2017. 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/Monday, November 27, 2017
Issued at HKT 16:30
Issued at HKT 16:30
NNNN