Total value of total exports of goods decreased by 10.4% over a year in October 2022

97

28th November 2022 – (Hong Kong) The Census and Statistics Department (C&SD) released today (November 28) the external merchandise trade statistics for October 2022. In October 2022, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 10.4% and 11.9% respectively.
 
In October 2022, the value of total exports of goods decreased by 10.4% over a year earlier to $374.7 billion, after a year-on-year decrease of 9.1% in September 2022. Concurrently, the value of imports of goods decreased by 11.9% over a year earlier to $395.5 billion in October 2022, after a year-on-year decrease of 7.8% in September 2022. A visible trade deficit of $20.9 billion, equivalent to 5.3% of the value of imports of goods, was recorded in October 2022.
 
 For the first 10 months of 2022 as a whole, the value of total exports of goods dropped by 4.4% over the same period in 2021. Concurrently, the value of imports of goods decreased by 3.7%. A visible trade deficit of $315.5 billion, equivalent to 7.6% of the value of imports of goods, was recorded in the first 10 months of 2022.
 
Comparing the three-month period ending October 2022 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 6.3%. Meanwhile, the value of imports of goods decreased by 8.3%.
 
Analysis by country/territory
 
 Comparing October 2022 with October 2021, total exports to Asia as a whole dropped by 11.6%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Malaysia (-25.1%), Japan (-24.1%), the mainland of China (the Mainland) (-12.9%) and India (-9.9%). On the other hand, increases were recorded in the values of total exports to Singapore (+4.0%) and Korea (+4.0%).
 
 Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-21.1%) and the USA (-19.5%).
 
 Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Thailand (-23.0%), Singapore (-18.7%), the Mainland (-18.3%), Taiwan (-13.4%) and Japan (-13.2%). Concurrently, increases were recorded in the values of imports from Vietnam (+57.8%) and the Philippines (+20.1%).
 
For the first 10 months of 2022 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular the Mainland (-8.8%) and Japan (-8.7%). Concurrently, increases were recorded in the values of total exports to India (+37.8%), the United Arab Emirates (+35.6%), Singapore (+23.5%) and Vietnam (+17.4%).
 
 Over the same period of comparison, year-on-year decreases were registered in the values of imports from some major suppliers, in particular the Mainland (-11.3%), Japan (-8.7%) and Korea (-6.6%). On the other hand, increases were recorded in the values of imports from Vietnam (+30.4%), Taiwan (+12.0%), Malaysia (+10.9%) and the Philippines (+6.3%).
 
Analysis by major commodity
 
 Comparing October 2022 with October 2021, decreases were registered in the values of total exports of some principal commodity divisions, in particular “telecommunications and sound recording and reproducing apparatus and equipment” (by $15.5 billion or -22.7%), “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $9.5 billion or -5.1%), “office machines and automatic data processing machines” (by $7.0 billion or -15.1%) and “non-ferrous metals” (by $2.7 billion or -44.8%). On the other hand, an increase was registered in the value of total exports of “professional, scientific and controlling instruments and apparatus” (by $7.1 billion or 90.3%).
 
 Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $21.7 billion or -11.4%), “telecommunications and sound recording and reproducing apparatus and equipment” (by $15.9 billion or -22.9%) and “office machines and automatic data processing machines” (by $6.1 billion or -14.9%). Concurrently, increases were registered in the values of imports of “professional, scientific and controlling instruments and apparatus” (by $3.4 billion or 36.7%) and “miscellaneous manufactured articles (mainly jewellery, goldsmiths’ and silversmiths’ wares)” (by $2.2 billion or 8.4%).
 
For the first 10 months of 2022 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular “telecommunications and sound recording and reproducing apparatus and equipment” (by $147.6 billion or -24.6%), “non-ferrous metals” (by $29.6 billion or -37.5%) and “office machines and automatic data processing machines” (by $29.0 billion or -6.5%). On the other hand, year-on-year increases were registered in the values of total exports of “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $48.7 billion or 2.7%), “professional, scientific and controlling instruments and apparatus” (by $48.4 billion or 57.7%) and “non-metallic mineral manufactures” (by $11.7 billion or 8.5%).
 
Over the same period of comparison, year-on-year decreases were registered in the values of imports of some principal commodity divisions, in particular “telecommunications and sound recording and reproducing apparatus and equipment” (by $141.7 billion or -23.4%), “office machines and automatic data processing machines” (by $13.0 billion or -3.6%) and “essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations” (by $4.9 billion or -8.5%). Concurrently, year-on-year increases were registered in the values of imports of “professional, scientific and controlling instruments and apparatus” (by $36.2 billion or 40.7%), “petroleum, petroleum products and related materials” (by $15.6 billion or 32.9%) and “miscellaneous manufactured articles (mainly jewellery, goldsmiths’ and silversmiths’ wares)” (by $14.5 billion or 6.0%).
 
 A Government spokesman said that the value of merchandise exports registered further visible fall from a year earlier in October 2022 as the external environment deteriorated and disruptions to cross-boundary land transportation continued. Exports to the Mainland, the United States and the European Union recorded double-digit declines, and those to most other major Asian markets saw worsened performance.
 
 Looking forward, Hong Kong’s export performance will stay under immense pressure, as elevated inflation and further monetary policy tightening in major advanced economies will continue to suppress global demand in the near term. The Government will monitor the situation closely.

Comments