External merchandise trade statistics for November 2017
External merchandise trade statistics for November 2017
*******************************************************
     The Census and Statistics Department (C&SD) released today (December 28) the external merchandise trade statistics for November 2017. In November 2017, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 7.8% and 8.6% respectively.
      
     In November 2017, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.8% over a year earlier to $367.4 billion, after a year-on-year increase of 6.7% in October 2017. Within this total, the value of re-exports increased by 7.8% to $363.6 billion in November 2017, while the value of domestic exports increased by 1.2% to $3.9 billion.  Concurrently, the value of imports of goods increased by 8.6% over a year earlier to $407.1 billion in November 2017, after a year-on-year increase of 7.9% in October 2017. A visible trade deficit of $39.7 billion, equivalent to 9.8% of the value of imports of goods, was recorded in November 2017.
      
     For the first 11 months of 2017 as a whole, the value of total exports of goods rose by 8.2% over the same period in 2016. Within this total, the value of re-exports increased by 8.3%, while the value of domestic exports increased by 1.5%. Concurrently, the value of imports of goods increased by 8.7%. A visible trade deficit of $421.2 billion, equivalent to 10.7% of the value of imports of goods, was recorded in the first 11 months of 2017.
      
     Comparing the three-month period ending November 2017 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 2.4%. Within this total, the value of re-exports increased by 2.3%, while the value of domestic exports went up by 8.7%. Meanwhile, the value of imports of goods increased by 2.8%.
      
Analysis by country/territory
      
     Comparing November 2017 with November 2016, total exports to Asia as a whole grew by 8.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+17.0%), Japan (+14.6%), the Philippines (+12.3%), Vietnam (+11.6%), the mainland of China (the Mainland) (+10.1%), Malaysia (+8.2%) and Korea (+6.1%). On the other hand, a decrease was recorded in the value of total exports to Singapore (-15.5%).
      
     Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (+13.1%) and the USA (+7.4%). Concurrently, a decrease was registered in the value of total exports to the United Kingdom (-3.0%).
      
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+68.5%), India (+38.1%), the Philippines (+25.4%), Korea (+21.7%), Thailand (+8.9%), the Mainland (+6.5%) and Taiwan (+4.7%). Concurrently, decreases were registered in the values of imports from the USA (-7.4%) and Japan (-0.6%).
      
     For the first 11 months of 2017 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+33.4%), Taiwan (+23.4%), the Netherlands (+12.9%), Vietnam (+10.4%) and Japan (+10.0%). The value of total exports to the Mainland also increased by 9.1%.
      
     Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular the Philippines (+29.9%), Korea (+29.8%), Malaysia (+23.3%), India (+17.1%), Singapore (+11.7%) and Taiwan (+11.0%). The value of imports from the Mainland also increased by 6.1%.
      
Analysis by major commodity
      
     Comparing November 2017 with November 2016, 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 $18.3 billion or 15.6%), "non-metallic mineral manufactures" (by $4.0 billion or 28.8%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.3 billion or 13.7%). However, a decrease was registered in the value of total exports of "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $0.6 billion or -6.4%).
      
     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 $16.5 billion or 12.8%), "non-metallic mineral manufactures" (by $5.2 billion or 37.6%) and "office machines and automatic data processing machines" (by $5.2 billion or 16.8%). However, a decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $0.4 billion or -5.0%).
      
     For the first 11 months of 2017 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 $143.4 billion or 12.9%), "office machines and automatic data processing machines" (by $35.3 billion or 10.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $21.3 billion or 3.2%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $8.5 billion or -7.7%).
      
     Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $185.9 billion or 15.0%), "office machines and automatic data processing machines" (by $29.5 billion or 10.2%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $21.6 billion or 10.4%). However, a year-on-year decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $5.4 billion or -5.7%).
      
Commentary
      
     A Government spokesman noted that merchandise exports sustained robust growth in November 2017 amid a benign global economic environment. Exports to the Mainland and many other emerging Asian economies remained strong, and those to major advanced economies also generally showed year-on-year gains.
      
     The spokesman commented further that looking ahead, the global economic upturn should continue to render support to Hong Kong's exports in the near term. Yet, there remain uncertainties in the external environment, including the pace of US monetary policy normalisation, possible rise in protectionist sentiment and elevated geopolitical tensions in various regions. The Government will continue to monitor the developments closely.
      
Further information
      
     Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2017. Table 2 presents the original monthly trade statistics from January 2014 to November 2017, 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 2017 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 2017.
      
     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 2017 will be released in mid-January 2018.
      
     The November 2017 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2017. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2017 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 2018. 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).
 
Ends/Thursday, December 28, 2017
Issued at HKT 16:30
NNNN
Attachments
Tables

Under the same press release series:

Upcoming release date:

  • 25 Jan 2018

Related statistical subject(s):