External merchandise trade statistics for March 2023
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In March 2023, the value of total exports of goods decreased by 1.5% over a year earlier to $367.2 billion, after a year-on-year decrease of 8.8% in February 2023. Concurrently, the value of imports of goods decreased by 0.6% over a year earlier to $407.8 billion in March 2023, after a year-on-year decrease of 4.1% in February 2023. A visible trade deficit of $40.6 billion, equivalent to 10.0% of the value of imports of goods, was recorded in March 2023.
For the first quarter of 2023 as a whole, the value of total exports of goods decreased by 17.7% over the same period in 2022. Concurrently, the value of imports of goods decreased by 12.7%. A visible trade deficit of $111.6 billion, equivalent to 10.6% of the value of imports of goods, was recorded in the first quarter of 2023.
Comparing the first quarter of 2023 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 0.8%. Meanwhile, the value of imports of goods increased by 3.3%.
Analysis by country/territory
Comparing March 2023 with March 2022, total exports to Asia as a whole dropped by 6.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular the Philippines (-12.7%), the mainland of China (the Mainland) (-9.8%), Singapore (-4.3%) and Malaysia (-3.3%). On the other hand, increases were recorded in the values of total exports to Thailand (+17.0%), Korea (+14.8%) and Taiwan (+6.4%).
Apart from destinations in Asia, increases were registered in the values of total exports to most major destinations in other regions, in particular the United Kingdom (+15.0%) and the USA (+13.8%). Concurrently, a decrease was registered in the value of total exports to Germany (-6.7%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Korea (-36.2%), Singapore (-25.6%), Malaysia (-18.3%) and Taiwan (-17.2%). Concurrently, an increase was registered in the value of imports from the Mainland (+16.9%).
For the first quarter of 2023 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Japan (-29.1%), Singapore (-25.1%), the Mainland (-23.8%) and Taiwan (-19.7%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Korea (-39.9%), Singapore (-27.5%), Taiwan (-21.4%), Vietnam (-17.3%), Japan (-16.5%), Malaysia (-13.0%) and the Mainland (-10.0%).
Analysis by major commodity
Comparing March 2023 with March 2022, decreases 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 $17.5 billion or -8.9%) and "office machines and automatic data processing machines" (by $4.0 billion or -10.3%). On the other hand, increases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.2 billion or 11.8%) and "power generating machinery and equipment" (by $3.9 billion or 79.8%).
Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $19.7 billion or -9.8%) and "office machines and automatic data processing machines" (by $4.9 billion or -14.8%). Concurrently, an increase was registered in the value of imports of "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $11.7 billion or 55.2%).
For the first quarter of 2023 as a whole, year-on-year decreases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $117.3 billion or -20.9%), "office machines and automatic data processing machines" (by $41.5 billion or -31.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.7 billion or -12.0%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $116.3 billion or -20.6%), "office machines and automatic data processing machines" (by $32.4 billion or -30.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $18.3 billion or -13.5%).
Commentary
A Government spokesman said that the value of merchandise exports declined further from a year earlier in March 2023, though the pace of decline moderated. Exports to the Mainland continued to fall, and those to other major Asian markets saw mixed performance, while exports to the United States and the European Union reverted to growth.
Looking ahead, while the slower growth in the advanced economies will continue to weigh on Hong Kong's export performance, the accelerated economic recovery in the Mainland and the removal of restrictions on cross-boundary truck movement between Hong Kong and the Mainland should alleviate part of the pressure. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for March 2023. Table 2 presents the original monthly trade statistics from January 2020 to March 2023, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for March 2023 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 March 2023.
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 March 2023 will be released in mid-May 2023.
The March 2023 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2023 and will be available in early May 2023. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230).
Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).
Ends/Tuesday, April 25, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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