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     The Census and Statistics Department (C&SD) released today (August 24) the external merchandise trade statistics for July 2023. In July 2023, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 9.1% and 7.9% respectively.

     In July 2023, the value of total exports of goods decreased by 9.1% over a year earlier to $345.2 billion, after a year-on-year decrease of 11.4% in June 2023. Concurrently, the value of imports of goods decreased by 7.9% over a year earlier to $375.1 billion in July 2023, after a year-on-year decrease of 12.3% in June 2023. A visible trade deficit of $30.0 billion, equivalent to 8.0% of the value of imports of goods, was recorded in July 2023.

     For the first seven months of 2023 as a whole, the value of total exports of goods decreased by 14.6% over the same period in 2022. Concurrently, the value of imports of goods decreased by 12.5%. A visible trade deficit of $261.6 billion, equivalent to 10.3% of the value of imports of goods, was recorded in the first seven months of 2023.

     Comparing the three-month period ending July 2023 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 5.1%.

Analysis by country/territory

     Comparing July 2023 with July 2022, total exports to Asia as a whole dropped by 11.6%. In this region, decreases were registered in the values of total exports to most major destinations, in particular the Philippines (-29.6%), Malaysia (-24.6%), Korea (-17.4%), the mainland of China (the Mainland) (-15.2%) and Japan (-13.2%). On the other hand, an increase was recorded in the value of total exports to Thailand (+11.5%).

     Apart from destinations in Asia, decreases were registered in the values of total exports to most major destinations in other regions, in particular Germany (-22.5%) and the USA (-5.8%). On the other hand, an increase was recorded in the value of total exports to the United Kingdom (+34.6%).

     Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Korea (-30.3%), Vietnam (-20.7%), Malaysia (-20.2%), Taiwan (-19.4%), Japan (-10.4%) and the Mainland (-4.5%). On the other hand, an increase was recorded in the value of imports from Thailand (+11.0%).

     For the first seven months of 2023 as a whole, year-on-year decreases were registered in the values of total exports to most major destinations, in particular Japan (-22.5%), Singapore (-21.2%), the Mainland (-18.6%), Taiwan (-17.9%) and India (-15.2%). On the other hand, increases were recorded in the values of total exports to the United Arab Emirates (+11.0%) and Netherlands (+8.5%).

     Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Korea (-34.6%), Singapore (-28.3%), Vietnam (-20.7%), Thailand (-19.0%), Taiwan (-17.8%) and the Mainland (-8.9%).

Analysis by major commodity

     Comparing July 2023 with July 2022, decreases 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 $27.5 billion or -14.6%) and “office machines and automatic data processing machines” (by $7.7 billion or -19.0%).

     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 $20.8 billion or -11.2%) and “office machines and automatic data processing machines” (by $11.7 billion or -31.3%).

     For the first seven months of 2023 as a whole, year-on-year decreases 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 $237.0 billion or -17.9%), “office machines and automatic data processing machines” (by $77.8 billion or -26.2%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $26.2 billion or -8.6%).

     Over the same period of comparison, year-on-year 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 $236.0 billion or -17.5%), “office machines and automatic data processing machines” (by $79.9 billion or -31.2%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $29.5 billion or -9.4%).

Commentary

     A Government spokesman said that the value of merchandise exports continued to fall in July 2023 from a year earlier. Exports to the Mainland, the United States and the European Union all shrank. Exports to most other major Asian markets recorded decreases of varying degree.

     Looking ahead, the difficult external environment will continue to weigh on Hong Kong’s exports performance in the near term. The Government will monitor the situation closely.

Further information

     Table 1 presents the analysis of external merchandise trade statistics for July 2023. Table 2 presents the original monthly trade statistics from January 2020 to July 2023, and Table 3 gives the seasonally adjusted series for the same period.

     The values of total exports of goods to 10 main destinations for July 2023 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 July 2023.

     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 July 2023 will be released in mid-September 2023.

     The July 2023 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in July 2023 and will be available in early September 2023. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230).

     Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).  read more

     The Transport Department (TD) reminded the public today (August 24) that the HKeToll will be implemented in the Eastern Harbour Crossing (EHC) from 5am this Sunday (August 27). Motorists can drive through the toll plaza and pay tunnel tolls using the HKeToll without having to stop or queue at toll booths for payments. All manual toll booths and Autotoll lanes will be cancelled.
      
     To tie in with the implementation of the HKeToll, temporary traffic arrangements will be implemented in phases in the vicinity of the EHC starting from 0.00am on August 27. Both directions of the EHC and its connecting roads will be closed from 4am to 5am on August 27. During the closure of the EHC, three overnight franchised bus routes (Route Nos. N619 (Shun Lee – Central (Macau Ferry)), N680 (Kam Ying Court – Central (Macau Ferry)) and N691 (Tiu Keng Leng – Central (Macau Ferry)) will be diverted via the Cross-Harbour Tunnel (CHT). In connection with the route diversion, the bus stops of these three bus routes (in both directions) at the EHC Toll Plaza will be temporarily suspended and at the same time, temporary bus stops will be added at the CHT Toll Plaza. In addition, a temporary bus stop for Route No. N680 (in both directions) will be added on Lei Yue Mun Road (westbound) near Lam Tin Station. The remaining bus stops of the three bus routes will not be affected. The departure time for the affected trips of Hong Kong Island overnight green minibus route No. 61 (Siu Sai Wan (Island Resort) – Mong Kok (Fife Street)) will be adjusted. Please refer to Annex 1 for the temporary traffic and public transport arrangements.
      
     At present, 98 per cent of vehicles have been issued vehicle tags. Of about 380 000 average daily vehicles which pass through the five tunnels implemented with the HKeToll, about 90 per cent of the vehicles were detected to have vehicle tags installed and about 70 per cent of the vehicles use automatic payment means. With the progressive implementation of the HKeToll in government tolled tunnels this year, the TD once again appealed to vehicle owners to complete the three steps for HKeToll service as soon as possible: (1) install a vehicle tag, (2) open an HKeToll account and (3) set up an automatic payment means, so as to fully enjoy the convenience of the HKeToll.
      
     Vehicle owners are reminded again that they must pay the toll within 14 business days after passing through the tunnel. He/she can log on the HKeToll website (hketoll.gov.hk) or mobile app to check the outstanding toll and pay, either by credit card or by following the instructions to generate a QR code to either pay via the Faster Payment System or at 7-Eleven convenience stores by cash. The HKeToll website provides a video to guide vehicle owners on how to pay outstanding tolls online. Payments of outstanding tolls can also be made at the four customer service centres and four service outlets. If vehicle owners need assistance, they can browse the HKeToll website, call the 24-hour customer service hotline at 3853 7333, or visit the four customer service centres, four service outlets, government car park service counters, and consultation counters located at designated MTR stations and Home Affairs Enquiry Centres in the District Offices. The locations and service hours of the facilities are shown in Annex 2.
      
     In addition, holders of Government Tunnel Toll Tickets (toll tickets) can still use toll tickets at Tate’s Cairn Tunnel and Aberdeen Tunnel where the HKeToll has yet to be implemented, and apply for a refund from August 27, 2023, to June 30, 2024, at the eight refund centres located at car parks in Central, Shau Kei Wan, Tsim Sha Tsui, Kwun Tong, Wong Tai Sin, Kwai Fong, Tsuen Wan and Sha Tin. The locations and service hours of the refund centres are shown in Annex 3. Applicants should fill in the application form in advance and bring along the toll tickets for refund. Those applying for a refund for a large quantity of toll tickets are advised to contact the contractor by email (info@wilsonparking.com.hk) or call 2830 3814 in advance for providing assistance to applicants with individual circumstances.
      
     Following the three road harbour crossings, the HKeToll will be implemented at the Tate’s Cairn Tunnel and Aberdeen Tunnel by end 2023. Details and the exact dates will be announced later.    

  

     â€‹The Labour Department (LD) is investigating a fatal work accident that happened in Sha Tin this afternoon (August 24) in which a man died.      The LD immediately deployed staff to the scene upon recei… read more

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) today (August 24) released a report titled “Bond Tokenisation in Hong Kong” (the Report) to summarise the experience learnt from the Government’s inaugural tokenised green bond offering and outline potential next steps to promote the wider use of tokenisation technology in Hong Kong’s bond market.

     Bond tokenisation is one of the pilot projects announced in the Policy Statement on Development of Virtual Assets in Hong Kong issued by the Financial Services and the Treasury Bureau last October. In February this year, the HKMA assisted the Government in the successful offering of HK$800 million of tokenised green bond under the Government Green Bond Programme (the Tokenised Green Bond), marking the first tokenised green bond issued by a government globally. The use of distributed ledger technology has been applied to primary issuance, settlement of secondary trading and coupon payment, and will be tested out in maturity redemption.
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     The Report sets out details of the Tokenised Green Bond, and suggests available options with regard to salient aspects of a tokenised bond transaction in Hong Kong ranging from technology and platform design to deal structuring considerations. In addition to serving as a blueprint for potential similar issuances in Hong Kong, the Report also considers what could further be done to promote tokenisation in the bond market; these include exploring further use cases, addressing issues of fragmentation across platforms and systems, and enhancing Hong Kong’s legal and regulatory framework. The HKMA in coordination with the Government will work with the industry to conduct further tokenised issuance(s) to advance development on this front.

     The Report is available on the HKMA website. read more

     The effective exchange rate index for the Hong Kong dollar on Thursday, August 24, 2023 is 105.1 (down 0.3 against yesterday’s index). read more