The Census and Statistics Department (C&SD) released today (August 25) the external merchandise trade statistics for July 2022. In July 2022, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 8.9% and 9.9% respectively.
In July 2022, the value of total exports of goods decreased by 8.9% over a year earlier to $379.6 billion, after a year-on-year decrease of 6.4% in June 2022. Concurrently, the value of imports of goods decreased by 9.9% over a year earlier to $407.2 billion in July 2022, after a year-on-year increase of 0.5% in June 2022. A visible trade deficit of $27.6 billion, equivalent to 6.8% of the value of imports of goods, was recorded in July 2022.
For the first seven months of 2022 as a whole, the value of total exports of goods dropped by 1.0% over the same period in 2021. Concurrently, the value of imports of goods increased by 0.2%. A visible trade deficit of $234.6 billion, equivalent to 8.0% of the value of imports of goods, was recorded in the first seven months of 2022.
Comparing the three-month period ending July 2022 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 1.5%. Meanwhile, the value of imports of goods increased by 1.6%.
Analysis by country/territory
Comparing July 2022 with July 2021, total exports to Asia as a whole dropped by 7.8%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Japan (-17.5%), the mainland of China (the Mainland) (-10.7%) and Taiwan (-4.4%). On the other hand, increases were recorded in the values of total exports to India (+33.2%), Singapore (+26.5%), Malaysia (+23.7%) and Vietnam (+19.7%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-29.2%), the USA (-15.8%) and Germany (-14.5%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Korea (-19.8%), the Mainland (-17.4%), Japan (-8.1%), the Philippines (-6.7%) and Singapore (-6.5%). Concurrently, increases were recorded in the values of imports from Vietnam (+30.3%), Malaysia (+20.3%) and Taiwan (+3.1%).
For the first seven 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 (-6.5%) and Japan (-3.2%). Concurrently, increases were recorded in the values of total exports to India (+57.2%), the United Arab Emirates (+30.1%), Singapore (+28.7%) and Vietnam (+24.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Taiwan (+20.4%), Vietnam (+19.4%), Malaysia (+10.7%) and the USA (+8.4%). However, decreases were recorded in the values of imports from the Mainland (-6.7%), Japan (-4.8%) and Korea (-4.3%).
Analysis by major commodity
Comparing July 2022 with July 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 $17.0 billion or -28.6%), "office machines and automatic data processing machines" (by $7.3 billion or -15.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.4 billion or -2.8%) and "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $2.1 billion or -10.2%). On the other hand, an increase was registered in the value of total exports of "professional, scientific and controlling instruments and apparatus" (by $3.9 billion or 43.0%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.6 billion or -26.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.9 billion or -5.6%), "miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares)" (by $3.6 billion or -14.2%) and "power generating machinery and equipment" (by $3.1 billion or -22.4%). Concurrently, an increase was registered in the value of imports of "professional, scientific and controlling instruments and apparatus" (by $3.6 billion or 36.8%).
For the first seven 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 $102.7 billion or -25.1%), "non-ferrous metals" (by $21.7 billion or -37.0%) and "articles of apparel and clothing accessories" (by $4.6 billion or -12.8%). 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 $81.9 billion or 6.6%) and "professional, scientific and controlling instruments and apparatus" (by $29.8 billion or 51.1%).
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 $69.2 billion or 5.4%), "professional, scientific and controlling instruments and apparatus" (by $25.0 billion or 41.4%), "office machines and automatic data processing machines” (by $20.7 billion or 8.8%) and "petroleum, petroleum products and related materials" (by $13.8 billion or 45.1%). However, a year-on-year decrease was registered in the value of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $92.1 billion or -22.7%).
Commentary
A Government spokesman said that the value of merchandise exports declined further from a year earlier in July 2022 against a worsening external environment and continued disruptions to cross-boundary land transportation. Exports to the Mainland, the US and the EU showed widened declines, while those to other major Asian markets saw mixed performance.
Looking forward, Hong Kong's export performance will continue to be dragged by the weakening global growth momentum. Aggressive monetary policy tightening in advanced economies to curb inflation will weigh on global demand. Heightened geopolitical tensions and pandemic-induced supply-chain disruptions also add to the headwinds. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for July 2022. Table 2 presents the original monthly trade statistics from January 2019 to July 2022, 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 2022 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 2022.
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 2022 will be released in mid-September 2022.
The July 2022 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2022 and will be available in mid-September 2022. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/scode230.html).
Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section (2) of the C&SD (Tel: 2582 5042).