Overall wage and payroll statistics According to the figures released today (June 26) by the Census and Statistics Department (C&SD), the average wage rate for all the selected industry sections surveyed, as measured by … read more
The Census and Statistics Department (C&SD) released today (June 26) the external merchandise trade statistics for May 2018. In May 2018, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 15.9% and 16.5% respectively.
In May 2018, the value of total exports of goods increased by 15.9% over a year earlier to $351.4 billion, after a year-on-year increase of 8.1% in April 2018. Concurrently, the value of imports of goods increased by 16.5% over a year earlier to $394.6 billion in May 2018, after a year-on-year increase of 11.1% in April 2018. A visible trade deficit of $43.2 billion, equivalent to 11.0% of the value of imports of goods, was recorded in May 2018.
For the first five months of 2018 as a whole, the value of total exports of goods rose by 10.7% over the same period in 2017. Concurrently, the value of imports of goods increased by 11.9%. A visible trade deficit of $219.8 billion, equivalent to 11.9% of the value of imports of goods, was recorded in the first five months of 2018.
Comparing the three-month period ending May 2018 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 3.5%. Meanwhile, the value of imports of goods increased by 4.0%.
Analysis by country/territory
Comparing May 2018 with May 2017, total exports to Asia as a whole grew by 15.8%. In this region, increases were registered in the values of total exports to most major destinations, in particular Singapore (+43.9%), Malaysia (+43.6%), the Philippines (+25.5%), the mainland of China (the Mainland) (+19.2%), Thailand (+18.6%) and Japan (+13.0%). On the other hand, decreases were recorded in the values of total exports to India (-21.7%) and Taiwan (-1.9%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (+16.7%), the USA (+12.5%) and the United Kingdom (+6.7%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Malaysia (+69.7%), Korea (+44.1%), Taiwan (+22.3%), Singapore (+20.3%), the Philippines (+18.8%) and the Mainland (+18.4%). Concurrently, a decrease was registered in the value of imports from India (-39.5%).
For the first five months of 2018 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Singapore (+16.9%), the Mainland (+14.0%), Germany (+12.8%), Taiwan (+12.2%), the USA (+9.4%) and Thailand (+7.1%). However, a year-on-year decrease was registered in the value of total exports to India (-20.9%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Malaysia (+91.2%), Korea (+21.8%), Taiwan (+18.1%), the Philippines (+10.4%), the Mainland (+10.4%) and Singapore (+8.4%). On the other hand, a year-on-year decrease was registered in the value of imports from India (-21.4%).
Analysis by major commodity
Comparing May 2018 with May 2017, increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $24.8 billion or 22.8%), “office machines and automatic data processing machines” (by $9.8 billion or 32.7%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $5.6 billion or 10.0%). However, a decrease was registered in the value of total exports of “non-metallic mineral manufactures” (by $2.0 billion or -13.2%).
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 $30.3 billion or 25.3%), “office machines and automatic data processing machines” (by $10.0 billion or 38.5%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $5.3 billion or 10.0%). However, a decrease was registered in the value of imports of “miscellaneous manufactured articles (mainly jewellery, goldsmiths’ and silversmiths’ wares)” (by $1.3 billion or -5.5%).
For the first five months of 2018 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 $102.5 billion or 20.0%), “office machines and automatic data processing machines” (by $32.5 billion or 22.0%) and “miscellaneous manufactured articles (mainly jewellery, goldsmiths’ and silversmiths’ wares)” (by $18.0 billion or 23.1%). However, a year-on-year decrease was registered in the value of total exports of “non-metallic mineral manufactures” (by $13.6 billion or -15.9%).
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 $109.9 billion or 18.8%), “office machines and automatic data processing machines” (by $35.3 billion or 28.2%) and “petroleum, petroleum products and related materials” (by $8.0 billion or 27.1%). However, a year-on-year decrease was registered in the value of imports of “telecommunications and sound recording and reproducing apparatus and equipment” (by $2.3 billion or -0.8%).
Commentary
A Government spokesman noted that external trade sustained robust performance so far in 2018, thanks to sturdy global demand. Merchandise exports continued to grow strongly over a year earlier in May, with many major markets showing double-digit gains.
The spokesman commented further that, looking ahead, the current momentum of the global economy should remain supportive to Hong Kong’s exports in the near term. Yet, external uncertainties have increased markedly of late, as a result of the escalation of trade conflicts between the US and the Mainland. This might weigh on the prevailing global economic sentiment and trade expansion going forward. The Government will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2018. Table 2 presents the original monthly trade statistics from January 2015 to May 2018, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for May 2018 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 May 2018.
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 May 2018 will be released in mid-July 2018.
The May 2018 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in May 2018 and will be available in mid-July 2018. Users can download the publication 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). read more
As the Hong Kong Observatory has issued the Very Hot Weather Warning, the Labour Department (LD) reminds employers and employees to take appropriate precautions to prevent heat stroke when working in a hot or humid environment.
Heat stroke could occur if an employee works in a hot or humid environment for prolonged periods of time, as the body may fail to regulate its temperature by effective heat dissipation through sweating.
The early symptoms of heat stroke include feeling thirsty, fatigue, nausea and headache. Later, the victim may experience shortness of breath, rapid and weak pulse, dizziness, confusion or even loss of consciousness and convulsion.
For example, construction workers, cleaning workers, kitchen workers and porters are more prone to heat stroke when working for long hours in such an environment, especially if appropriate preventive measures have not been taken.
The LD reminds employers to arrange for a suitable assessment of the risk of heat stress in the work environment and take appropriate preventive measures. The LD has produced two leaflets entitled “Checklist for Heat Stress Assessment at Construction Sites” and “Checklist for Heat Stress Assessment at Outdoor Cleansing Workplaces” respectively. Employers engaged in construction or outdoor cleaning work are advised to refer to these checklists in assessing the risk of heat stress at their workplaces. As for heat stress assessment at a workplace in general, employers can refer to a booklet entitled “Risk Assessment for the Prevention of Heat Stroke at Work” produced by the LD.
The LD also reminds employers and employees to take the following precautions to prevent heat stroke:
Employers
———
(1) Take heed of the weather report and adopt shift work arrangements for employees to reduce their exposure to the hot environment, or arrange appropriate rest breaks for them during very hot periods;
(2) Avoid working under direct sunlight and set up temporary sunshade wherever possible;
(3) Provide cool potable water for employees at all times during work. If necessary, provide drinks containing minerals for employees to replenish loss of electrolytes during profuse sweating;
(4) Minimise physical demands by using tools or mechanical aids at work;
(5) Increase air flow by enhancing ventilation or air-conditioning as appropriate;
(6) Isolate heat-generating facilities at the workplace and use insulating materials to minimise heat dissipation to the other work areas; and
(7) Provide relevant information and training for employees on heat stroke such as preventive measures and first aid treatment.
Employees
———
(1) Wear clothing made of suitable materials (for example, cotton) that is loose-fitting and light-coloured to help heat dissipation, minimise heat absorption and allow sweat evaporation;
(2) Wear a wide-brimmed hat when working outdoors;
(3) Drink plenty of water or other appropriate beverages to replenish the fluids and electrolytes lost through sweating; and
(4) Whenever there are any symptoms of heat stroke, inform supervisors and take appropriate actions immediately.
Some employees may have difficulty in adapting to a hot working environment owing to their own health conditions. Employers should take this into account and consider the recommendations of their doctors when assigning work to these employees.
In addition to the publications on risk assessment, the LD has produced a leaflet entitled “Prevention of Heat Stroke at Work in a Hot Environment” for the public. The publications can be obtained free of charge from the offices of the Occupational Health Service of the LD, or downloaded from the department’s webpage at www.labour.gov.hk/eng/public/content2_9.htm.
The LD organises occupational health talks in public places and at its own training venues regularly to raise employers’ and employees’ awareness of occupational health. Details of health talks on the prevention of heat stroke at work in a hot environment in July to September are as follows:
(A)
Dates: July 9 and 24; August 2, 13 and 30; and September 13 and 24 (am)
July 5, 20 and 30; August 8 and 22; and September 5, 20 and 27 (pm)
Time: Half-day
Venue: Occupational Safety and Health Training Centre of the Labour Department, 13/F, Kolour·Tsuen Wan I, 68 Chung On Street, Tsuen Wan, New Territories
(B)
Dates: July 13 and 27 and August 10 and 20
Time: Half-day, morning
Venue: Occupational Safety and Health Centre of the Labour Department, G/F,
Kwun Tong Community Health Centre Building, 60 Hip Wo Street, Kwun Tong
(MTR Kwun Tong Station Exit A1)
(C)
Date: August 13
Time: 3pm to 4.30pm
Venue: Lecture Hall, Hong Kong Space Museum, 10 Salisbury Road,
Tsim Sha Tsui, Kowloon (MTR Tsim Sha Tsui Station Exit E)
(D)
Date: July 16 and September 14
Time: 3pm to 4.30pm
Venue: Activity Room I, Hong Kong Central Library, 66 Causeway Road,
Causeway Bay, Hong Kong
(Opposite Victoria Park, MTR Tin Hau Station Exit B)
For enrolment or enquiries about these occupational health talks, please call 2852 4040 or 2361 8240 (for talks organised at the Occupational Safety and Health Centre). Moreover, the LD also provides an outreach health education service and occupational health nurses will, on invitation, disseminate occupational health information at workplaces at a convenient time. Please contact the nursing officer at 2852 4062 for details. All these health talks are free of charge. read more
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) signed a Co-operation Agreement today (June 26) to enhance fintech collaboration between the two authorities, with a view to encouraging and enabling innovation in financial services in both markets, and supporting innovative financial businesses in expanding to each other’s jurisdictions.
The Co-operation Agreement was signed between the Chief Fintech Officer of the HKMA, Mr Nelson Chow, and the Chief Executive Officer of the FSRA of ADGM, Mr Richard Teng, today in Hong Kong. Under the Co-operation Agreement, the HKMA and the FSRA will collaborate on referring innovative businesses, information sharing, and joint innovation projects.
Mr Chow said, “We are pleased to establish a closer relationship with the FSRA so that both authorities could better support financial innovation in our jurisdictions. ADGM’s commitment to the pursuit of innovation resonates strongly with Hong Kong’s ambitions. The co-operation between the HKMA and the FSRA would strengthen the two authorities in their respective roles and initiatives in fintech. We are particularly pleased to start a dialogue with FSRA on the opportunity to build a cross-border trade finance network using distributed ledger technology.”
Mr Teng said, “We are glad to further our collaboration with the HKMA by way of this fintech agreement. Hong Kong has remained a long-term strategic and economic partner of Abu Dhabi and the United Arab Emirates. This co-operation augments ADGM’s commitment in supporting the growth and financial developments of Abu Dhabi and the Middle East, Africa and greater Asia regions. We look forward to working closely with the HKMA to support our fintech start-ups and our innovative businesses, from regulations to adoption, in advancing and applying their solutions to each of our respective financial markets and jurisdictions.”
The Food and Environmental Hygiene Department (FEHD) today (June 26) announced that the monthly ovitrap index for Aedes albopictus for May rose to 10.2 per cent from 1 per cent in April, indicating that mosquito infestatio… read more