The Census and Statistics Department (C&SD) released today (December 28) the external merchandise trade statistics for November 2015. In November 2015, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 3.5% and 8.1% respectively.
In November 2015, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 3.5% over a year earlier to $315.3 billion, after a year-on-year decrease of 3.7% in October 2015. Within this total, the value of re-exports decreased by 3.2% to $311.6 billion in November 2015, while the value of domestic exports decreased by 21.6% to $3.7 billion. Concurrently, the value of imports of goods decreased by 8.1% over a year earlier to $348.4 billion in November 2015, after a year-on-year decrease of 8.5% in October 2015. A visible trade deficit of $33.1 billion, equivalent to 9.5% of the value of imports of goods, was recorded in November 2015.
For the first 11 months of 2015 as a whole, the value of total exports of goods dropped by 1.9% over the same period in 2014. Within this total, the value of re-exports decreased by 1.7%, while the value of domestic exports decreased by 15.8%. Concurrently, the value of imports of goods decreased by 4.1%. A visible trade deficit of $395.4 billion, equivalent to 10.7% of the value of imports of goods, was recorded in the first 11 months of 2015.
Comparing the three-month period ending November 2015 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 1.2%. Within this total, the value of re-exports decreased by 1.1%, while the value of domestic exports went down by 6.2%. Meanwhile, the value of imports of goods decreased by 2.1%.
Analysis by country/territory
Comparing November 2015 with November 2014, total exports to Asia as a whole went down by 3.1%. In this region, decreases were registered in the values of total exports to most major destinations, in particular Taiwan (-20.2%), Korea (-14.0%), Japan (-13.2%), Thailand (-11.5%) and the Philippines (-8.8%). The value of total exports to the mainland of China (the Mainland) also decreased by 2.0%. On the other hand, increases were recorded in the values of total exports to India (+13.9%) and Vietnam (+11.3%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (-7.3%) and the USA (-5.5%). Concurrently, an increase was registered in the value of total exports to the United Kingdom (+7.0%).
Over the same period of comparison, decreases were registered in the values of imports from all major suppliers, in particular Switzerland (-28.0%), India (-26.4%), Malaysia (-18.2%), Korea (-16.2%) and Japan (-15.9%). The value of imports from the Mainland also decreased by 2.9%.
For the first 11 months of 2015 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-18.8%), Korea (-13.1%), Japan (-7.2%), Germany (-3.5%) and the Mainland (-2.4%). However, year-on-year increases were registered in the values of total exports to Vietnam (+15.7%), India (+8.1%) and the United Kingdom (+1.3%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from all major suppliers, in particular Switzerland (-22.4%), India (-13.9%), Japan (-9.6%), Malaysia (-8.7%) and Taiwan (-8.6%). The value of imports from the Mainland also decreased by 0.1%.
Analysis by major commodity
Comparing November 2015 with November 2014, decreases were registered in the values of total exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $5.2 billion or -13.8%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $4.0 billion or -17.9%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $1.8 billion or -16.4%). However, an increase was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.3 billion or 7.6%).
Over the same period of comparison, 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 $6.1 billion or -22.6%),"office machines and automatic data processing machines" (by $4.9 billion or -14.0%) and "petroleum, petroleum products and related materials" (by $3.2 billion or -42.0%). However, an increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.4 billion or 1.9%).
For the first 11 months of 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 $18.8 billion or -5.0%), "articles of apparel and clothing accessories" (by $15.7 billion or -10.7%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $9.8 billion or -4.8%). However, a year-on-year increase was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $32.2 billion or 4.9%).
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 $27.5 billion or -11.1%), "office machines and automatic data processing machines" (by $26.4 billion or -7.7%) and "petroleum, petroleum products and related materials" (by $26.1 billion or -28.4%). However, a year-on-year increase was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $55.4 billion or 8.8%).
Commentary
A Government spokesman noted that merchandise exports continued to fall in November, in tandem with the subdued export performance of many Asian economies amid the slack in global demand. Despite a modest rebound in exports to the European Union, exports to advanced markets on the whole remained weak.
The spokesman commented further that looking ahead, the sluggish external demand amid the slow global economic growth will continue to constrain Hong Kong's export performance in the near term. Moreover, the uncertainties arising from monetary policy normalisation in the US, diverging monetary policy among major central banks and heightened geopolitical tensions in various regions could add further headwinds. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2015. Table 2 presents the original monthly trade statistics from January 2012 to November 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 November 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 November 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 November 2015 will be released in mid-January 2016.
The November 2015 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2015. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2015 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 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).
