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HK Jul Values of Total Exports Down 5.1%; Imports Down 3.3%
The Census and Statistics Department (C&SD) released today the external merchandise trade statistics for July 2016. In July 2016, the values of Hong Kong’s total exports and import...
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HK Jul Values of Total Exports Down 5.1%; Imports Down 3.3%
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The Census and Statistics Department (C&SD) released today the external merchandise trade statistics for July 2016. In July 2016, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 5.1% and 3.3% respectively.

In July 2016, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 5.1% over a year earlier to $304.5 billion, after a year-on-year decrease of 1% in June 2016. Within this total, the value of re-exports decreased by 5.1% to $300.6 billion in July 2016, while the value of domestic exports decreased by 5.8% to $3.9 billion. Concurrently, the value of imports of goods decreased by 3.3% over a year earlier to $337.8 billion in July 2016, after a year-on-year decrease of 0.9% in June 2016. A visible trade deficit of $33.3 billion, equivalent to 9.9% of the value of imports of goods, was recorded in July 2016.

Comparing July 2016 with July 2015, total exports to Asia as a whole went down by 5.4%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Vietnam (-10.7%), India (-9.3%), the Philippines (-8.5%), mainland China (China) (-6.4%) and Malaysia (-1.8%). On the other hand, increases were recorded in the values of total exports to Taiwan (+18.1%), Singapore (+8.7%) and Korea (+4.5%).

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 (-19.4%), Germany (-5.8%) and the USA (-1.7%).

Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Switzerland (-19.3%), Malaysia (-16.1%), the Mainland (-6.2%), Japan (-5.4%), the USA (-4.5%) and Korea (-0.7%). Concurrently, increases were registered in the values of imports from Taiwan (+10.5%) and Singapore (+10%).

Comparing July 2016 with July 2015, decreases were registered in the values of total exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $5.4 billion or -14.7%), "articles of apparel and clothing accessories" (by $2.4 billion or -15.3%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $1.2 billion or -7.2%). However, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.3 billion or 2.2%).

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 $4 billion or -17.8%), "office machines and automatic data processing machines" (by $3.6 billion or -11.8%) and "articles of apparel and clothing accessories" (by $2.1 billion or -17%). However, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.9 billion or 10%).

A government spokesman noted that the decline in the value of merchandise exports, on a year-on-year basis, widened somewhat in July, after having narrowed in the preceding months, reflecting unsteady global demand conditions. Nevertheless, on a seasonally adjusted basis, the value of merchandise exports in May to July saw some increase over the preceding three months.

The spokesman commented further that looking ahead, the external trading environment is still challenging, as global economic growth will likely remain modest in the near term and fraught with uncertainties, including those arising from Brexit, US interest rate normalisation, monetary policy divergence among major central banks and heightened geopolitical tensions in various regions.

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