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.
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%.
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%).
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.
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