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The Census and Statistics Department (C&SD) released today (June 26) the external merchandise trade statistics for May 2014. In May 2014, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 4.9% and 3.7% respectively.
In May 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 4.9% over a year earlier to $306.0 billion, after a year-on-year decrease of 1.6% in April 2014. Within this total, the value of re-exports increased by 4.9% to $300.7 billion in May 2014, while the value of domestic exports increased by 10.0% to $5.3 billion. Concurrently, the value of imports of goods increased by 3.7% over a year earlier to $348.3 billion in May 2014, after a year-on-year increase of 2.4% in April 2014. A visible trade deficit of $42.4 billion, equivalent to 12.2% of the value of imports of goods, was recorded in May 2014.
For the first five months of 2014 as a whole, the value of total exports of goods rose by 1.1% over the same period in 2013. Within this total, the value of re-exports increased by 1.1%, while the value of domestic exports increased by 3.0%. Concurrently, the value of imports of goods increased by 2.4%. A visible trade deficit of $220.4 billion, equivalent to 13.5% of the value of imports of goods, was recorded in the first five months of 2014.
Comparing the three-month period ending May 2014 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 2.1%. Within this total, the value of re-exports increased by 2.1%, while the value of domestic exports went up by 6.6%. Meanwhile, the value of imports of goods increased by 0.4%.
Analysis by country/territory
Comparing May 2014 with May 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 Japan (+11.9%), Vietnam (+11.5%), Malaysia (+9.5%), Taiwan (+7.6%) and the mainland of China (the Mainland) (+3.5%). On the other hand, decreases were recorded in the values of total exports to India (-8.0%), Singapore (-0.8%) and Thailand (-0.5%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+9.4%), the USA (+4.5%) and the United Kingdom (+4.0%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+50.0%), Taiwan (+10.1%), Singapore (+9.3%), Thailand (+8.3%), Japan (+8.1%), Korea (+7.4%) and the Mainland (+3.0%). Concurrently, decreases were registered in the values of imports from Switzerland (-3.0%) and the USA (-1.5%).
For the first five 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 (+10.3%), India (+1.6%) and Japan (+1.2%). However, year-on-year decreases were registered in the values of total exports to Taiwan (-3.5%), the Mainland (-0.4%) and Korea (-0.1%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Malaysia (+34.3%), Thailand (+15.3%), Taiwan (+10.6%), Korea (+9.9%) and Japan (+5.4%). On the other hand, a year-on-year decrease was registered in the value of imports from the Mainland (-1.1%).
Analysis by major commodity
Comparing May 2014 with May 2013, 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 $11.0 billion or 13.6%), "non-metallic mineral manufactures" (by $1.6 billion or 13.6%) and "office machines and automatic data processing machines" (by $1.6 billion or 4.9%). However, a decrease was registered in the value of total exports of "textile yarn, fabrics, made-up articles and related products" (by $1.0 billion or -12.0%).
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 $14.8 billion or 16.0%), "non-metallic mineral manufactures" (by $1.3 billion or 8.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $0.9 billion or 4.5%). However, a decrease was registered in the value of imports of "textile yarn, fabrics, made-up articles and related products" (by $1.1 billion or -13.5%).
For the first five 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 $35.6 billion or 9.2%) and "non-metallic mineral manufactures" (by $9.1 billion or 15.2%). However, year-on-year decreases were registered in the values of total exports of "office machines and automatic data processing machines" (by $11.6 billion or -6.9%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $6.9 billion or -7.7%).
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 $59.5 billion or 13.8%) and "non-metallic mineral manufactures" (by $6.6 billion or 8.6%). However, year-on-year decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $18.4 billion or 11.2%) and "professional, scientific and controlling instruments and apparatus" (by $5.6 billion or -14.2%).
Commentary
A Government spokesman noted that the value of merchandise exports reverted to a moderate year-on-year growth in May upon improved performance of advanced markets as well as the Mainland market.
The spokesman commented further that looking ahead, Asia's trade flows, as well as Hong Kong's export performance, will hinge on whether the advanced economies, currently growing at a rather modest pace, will gain further traction and generate stronger import demand. Yet, headwinds in the external environment are still notable, including the uncertainties surrounding the future path of US monetary policy and the heightened geopolitical tensions in various parts of the world. The Government will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2014. Table 2 presents the original monthly trade statistics from January 2011 to May 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 May 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 May 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 May 2014 will be released in mid-July 2014.
The May 2014 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2014. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2014 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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/Thursday, June 26, 2014
Issued at HKT 16:30
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