The Census and Statistics Department (C&SD) released today (July 25) the external merchandise trade statistics for June 2022. In June 2022, the value of Hong Kong's total exports of goods decreased by 6.4%, whereas the value of imports of goods increased by 0.5% over a year earlier.
      
     In June 2022, the value of total exports of goods decreased by 6.4% over a year earlier to $380.7 billion, after a year-on-year decrease of 1.4% in May 2022. Concurrently, the value of imports of goods increased by 0.5% over a year earlier to $449.2 billion in June 2022, after a year-on-year increase of 1.3% in May 2022. A visible trade deficit of $68.5 billion, equivalent to 15.3% of the value of imports of goods, was recorded in June 2022.
      
     For the first half of 2022 as a whole, the value of total exports of goods increased by 0.4% over the same period in 2021. Concurrently, the value of imports of goods increased by 2.1%. A visible trade deficit of $206.1 billion, equivalent to 8.2% of the value of imports of goods, was recorded in the first half of 2022.
      
     Comparing the second quarter of 2022 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 4.2%. Meanwhile, the value of imports of goods decreased by 0.6%.
      
Analysis by country/territory
      
     Comparing June 2022 with June 2021, total exports to Asia as a whole dropped by 5.4%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Japan (-18.3%) and the mainland of China (the Mainland) (-10.4%). On the other hand, increases were recorded in the values of total exports to India (+76.5%), Vietnam (+37.8%), Singapore (+24.0%) and Thailand (+19.4%).
      
     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 (-28.9%), the USA (-6.1%) and Germany (-2.6%).
      
     Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+40.5%), Taiwan (+18.0%), Malaysia (+14.8%) and Singapore (+14.2%). Concurrently, decreases were recorded in the values of imports from Korea (-25.4%), the Mainland (-8.8%) and Japan (-4.5%).
      
     For the first half of 2022 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+62.6%), Singapore (+29.1%), the United Arab Emirates (+28.0%) and Taiwan (+25.1%). However, the value of total exports to the Mainland decreased by 5.7%.
      
     Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Taiwan (+23.8%), Vietnam (+17.7%), the USA (+11.0%) and Malaysia (+9.3%). However, decreases were recorded in the values of imports from the Mainland (-4.7%), Japan (-4.2%) and Korea (-1.5%).
      
Analysis by major commodity
      
     Comparing June 2022 with June 2021, 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 $19.4 billion or -33.8%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.7 billion or -1.4%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.6 billion or -12.1%) and "non-ferrous metals" (by $2.6 billion or -33.5%). However, an increase was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $4.4 billion or 52.4%).
      
     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 $9.8 billion or 4.9%), "professional, scientific and controlling instruments and apparatus" (by $3.6 billion or 37.4%), "power generating machinery and equipment" (by $2.6 billion or 33.3%) and "petroleum, petroleum products and related materials" (by $2.3 billion or 66.8%). However, a decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.0 billion or -26.1%).
      
     For the first half of 2022 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 $88.1 billion or 8.4%), "professional, scientific and controlling instruments and apparatus" (by $25.9 billion or 52.7%), "office machines and automatic data processing machines" (by $15.3 billion or 6.3%) and "non-metallic mineral manufactures" (by $6.3 billion or 7.7%). However, a year-on-year decrease was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $85.8 billion or -24.5%).
      
     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 $80.1 billion or 7.4%), "office machines and automatic data processing machines" (by $23.0 billion or 11.8%), "professional, scientific and controlling instruments and apparatus" (by $21.3 billion or 42.2%) and "petroleum, petroleum products and related materials" (by $11.5 billion or 45.9%). However, a year-on-year decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $77.6 billion or -22.1%).
      
Commentary
      
     A Government spokesman said that the value of merchandise exports fell further year-on-year in June 2022 alongside the deteriorated global economic situation. Exports to the Mainland continued to fall, while those to the US and the EU turned to declines.  Meanwhile, exports to many other major Asian markets showed increases of varying degree.
      
     Looking forward, the worsening global economic outlook will pile on the pressure facing Hong Kong's exports. Global financial conditions are expected to tighten further as many major central banks continue to raise interest rates to curb inflation, weighing on global economic momentum. The continued tensions in Ukraine and the evolving global pandemic also pose challenges. The Government will monitor the situation closely.
      
Further information
      
     Table 1 presents the analysis of external merchandise trade statistics for June 2022. Table 2 presents the original monthly trade statistics from January 2019 to June 2022, and Table 3 gives the seasonally adjusted series for the same period.
      
     The values of total exports of goods to 10 main destinations for June 2022 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 June 2022.
      
     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 June 2022 will be released in mid-August 2022.
      
     The June 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2022 and will be available in mid-August 2022. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/scode230.html).
      
     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).

Ends/Monday, July 25, 2022
Issued at HKT 16:30

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