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HK Jan-Feb Value of Total Exports of Goods Up 6.7%
The Census and Statistics Department (C&SD) announced that in February 2017, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 1...
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HK Jan-Feb Value of Total Exports of Goods Up 6.7%
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The Census and Statistics Department (C&SD) announced that in February 2017, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 18.2% and 25.4% respectively.

As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year holidays, it is useful to analyse the trade figures for these two months taken together.

Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year holidays, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.7% over the same period in 2016. Within this total, the value of re-exports increased by 6.8%, whereas the value of domestic exports decreased by 2.1%. Concurrently, the value of imports of goods increased by 9.3%. A visible trade deficit of $68.6 billion, equivalent to 11.3% of the value of imports of goods, was recorded in the first two months of 2017.

In February 2017, the value of total exports of goods increased by 18.2% over a year earlier to $241.7 billion, after a year-on-year decrease of 1.2% in January 2017. Within this total, the value of re-exports increased by 18.4% to $238.9 billion in February 2017, while the value of domestic exports increased by 3.8% to $2.8 billion. Concurrently, the value of imports of goods increased by 25.4% over a year earlier to $298.0 billion in February 2017, after a year-on-year decrease of 2.7% in January 2017. A visible trade deficit of $56.3 billion, equivalent to 18.9% of the value of imports of goods, was recorded in February 2017.

For the first two months of 2017 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Taiwan (+48.7%), Korea (+20.3%), the Netherlands (+17.4%), India (+16.0%), Vietnam (+10.9%) and Mainland China (China) (+10.6%). However, year-on-year decreases were registered in the values of total exports to Germany (-2.7%) and Singapore (-2.3%).

Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Korea (+42.3%), the Philippines (+38.6%), India (+22.9%), Singapore (+19.0%) and Taiwan (+17.4%). The value of imports from China also increased by 6.4%.
Over the same period of comparison, 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 $29.1 billion or 37.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.5 billion or 28.1%) and "office machines and automatic data processing machines" (by $3.1 billion or 16.0%). However, a decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $0.8 billion or -14.9%).

For the first two 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 $24.8 billion or 15.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.0 billion or 5.7%) and "office machines and automatic data processing machines" (by $4.0 billion or 7.8%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $3.0 billion or -14.9%).

Over the same period of comparison, year-on-year 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 $35.9 billion or 20.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.3 billion or 10.8%) and "petroleum, petroleum products and related materials" (by $5.2 billion or 71.1%). However, a year-on-year decrease was registered in the value of imports of "articles of apparel and clothing accessories" (by $2.0 billion or -13.0%).

A Government spokesman noted that merchandise exports continued to improve. Taking the first two months of 2017 together to remove the distortion caused by the difference in timing of the Lunar New Year holidays, the value of merchandise exports grew notably further over a year earlier, amid improving external demand. Exports to China and many other Asian markets rendered the main growth impetus.

The spokesman commented further that looking ahead, the improvement in global economic conditions, if continued, would provide support to Asia's trade to the benefit of Hong Kong's exports. Yet, the trading environment is still subject to uncertainties, including those associated with the interest rate normalisation and other policy direction in the US, Brexit-related developments, as well as heightened geopolitical tensions in various regions.

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