26th September 2023 – (Hong Kong) The Census and Statistics Department (C&SD) released the external merchandise trade statistics for August 2023, revealing a decline in the values of Hong Kong’s total exports and imports of goods compared to the same period last year.
In August 2023, the value of total exports of goods decreased by 3.7% compared to a year earlier, amounting to $358.3 billion. This decline followed a 9.1% year-on-year decrease in July 2023. Similarly, the value of imports of goods decreased by 0.3% compared to the previous year, reaching $383.9 billion in August 2023. In July 2023, imports had experienced a year-on-year decrease of 7.9%. These figures resulted in a visible trade deficit of $25.6 billion, equivalent to 6.7% of the value of imports of goods, for August 2023.
For the first eight months of 2023, the value of total exports of goods decreased by 13.2% compared to the same period in 2022. Simultaneously, the value of imports of goods decreased by 11.0%. This led to a visible trade deficit of $287.2 billion, equivalent to 9.8% of the value of imports of goods, for the first eight months of 2023.
When comparing the three-month period ending in August 2023 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods saw a 0.3% decrease, while the value of imports of goods decreased by 0.5%.
Analyzing the trade figures by country/territory, it was observed that total exports to Asia as a whole dropped by 3.7% in August 2023 compared to August 2022. Within Asia, significant decreases were recorded in the values of total exports to major destinations such as Korea (-35.3%), the Philippines (-23.8%), Taiwan (-20.8%), Japan (-19.9%), Malaysia (-12.8%), and the mainland of China (-1.5%). However, there were increases in the values of total exports to Thailand (+15.8%) and Vietnam (+11.3%). Outside of Asia, notable decreases were registered in the values of total exports to major destinations like Germany (-24.5%) and the USA (-13.2%).
During the same period of comparison, decreases were observed in the values of imports from major suppliers such as Malaysia (-35.6%), Vietnam (-14.8%), Singapore (-9.9%), Japan (-3.1%), and Taiwan (-1.3%). On the other hand, there were increases in the values of imports from the USA (+5.4%) and the mainland of China (+4.3%).
For the first eight months of 2023, year-on-year decreases were registered in the values of total exports to most major destinations, including Japan (-22.3%), Singapore (-19.6%), Taiwan (-18.3%), the mainland of China (-16.5%), and India (-14.0%). However, there were increases in the values of total exports to the United Arab Emirates (+10.4%) and the Netherlands (+6.8%). Over the same period, year-on-year decreases were recorded in the values of imports from most major suppliers, including Korea (-31.2%), Singapore (-26.3%), Malaysia (-20.1%), Vietnam (-19.8%), Thailand (-16.9%), and the mainland of China (-7.3%).
Analyzing the trade figures by major commodity, it was observed that in August 2023, decreases were registered in the values of total exports of some principal commodity divisions, particularly “office machines and automatic data processing machines” (by $11.0 billion or -24.9%) and “professional, scientific and controlling instruments and apparatus” (by $3.7 billion or -25.7%). Similarly, the values of imports of some principal commodity divisions experienced declines, notably in “office machines and automatic data processing machines” (by $4.3 billion or -14.8%) and “professional, scientific and controlling instruments and apparatus” (by $2.9 billion or -22.4%). However, there was an increase in the value of imports of “miscellaneous manufactured articles (mainly jewellery, goldsmiths’ and silversmiths’ wares)” (by $2.7 billion or 11.6%).
For the first eight months of 2023, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, including “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $234.9 billion or -15.7%), “office machines and automatic data processing machines” (by $88.7 billion or -26.0%), and “telecommunications and sound recording and reproducing apparatus andequipment” (by $23.4 billion or -6.7%). Similarly, year-on-year decreases were recorded in the values of imports of some principal commodity divisions, such as “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $237.3 billion or -15.6%), “office machines and automatic data processing machines” (by $84.1 billion or -29.6%), and “telecommunications and sound recording and reproducing apparatus and equipment” (by $29.4 billion or -8.2%). However, there was an improvement in the value of imports of “miscellaneous manufactured articles (mainly jewellery, goldsmiths’ and silversmiths’ wares)” which saw an increase of $2.7 billion or 11.6%.
Commenting on the trade statistics, a Government spokesman expressed concern over the weak performance of merchandise exports in August 2023. Notably, exports to the United States and the European Union experienced significant declines compared to the previous year. Additionally, exports to the mainland of China and other major Asian markets also fell to varying degrees.
Looking ahead, the Government expects Hong Kong’s export performance to be affected by weak external demand for goods in the near term. The situation will be closely monitored to assess its implications and potential impact on the economy.