The Census and Statistics Department (C&SD) released today (May 27) the external merchandise trade statistics for April 2024. In April 2024, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 11.9% and 3.7% respectively.
In April 2024, the value of total exports of goods increased by 11.9% over a year earlier to $378.7 billion, after a year-on-year increase by 4.7% in March 2024. Concurrently, the value of imports of goods increased by 3.7% over a year earlier to $388.9 billion in April 2024, after a year-on-year increase by 5.3% in March 2024. A visible trade deficit of $10.2 billion, equivalent to 2.6% of the value of imports of goods, was recorded in April 2024.
For the first four months of 2024 as a whole, the value of total exports of goods increased by 11.9% over the same period in 2023. Concurrently, the value of imports of goods increased by 6.9%. A visible trade deficit of $93.9 billion, equivalent to 6.1% of the value of imports of goods, was recorded in the first four months of 2024.
Comparing the three-month period ending April 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 3.6%. Meanwhile, the value of imports of goods increased by 2.3%.
Analysis by country/territory
Comparing April 2024 with April 2023, total exports to Asia as a whole grew by 15.7%. In this region, increases were registered in the values of total exports to some major destinations, in particular Malaysia (+38.4%), Thailand (+33.2%), Vietnam (+22.1%), the mainland of China (the Mainland) (+21.3%) and the Philippines (+16.3%). On the other hand, decreases were recorded in the values of total exports to India (-28.5%) and Japan (-13.5%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the USA (+17.1%). On the other hand, decreases were recorded in the values of total exports to the Netherlands (-24.3%) and Germany (-21.5%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+48.8%), Korea (+47.9%), Singapore (+45.1%), Malaysia (+11.9%) and the Mainland (+5.7%). On the other hand, decreases were recorded in the values of imports from Taiwan (-19.6%) and the USA (-12.2%).
For the first four months of 2024 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Thailand (+37.2%), the Mainland (+20.5%), Vietnam (+18.8%), the United Arab Emirates (+15.6%) and the USA (+8.7%). On the other hand, a decrease was recorded in the value of total exports to the Netherlands (-26.9%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Korea (+55.6%), Vietnam (+40.6%), Singapore (+22.1%), Thailand (+10.6%) and the Mainland (+8.7%). On the other hand, decreases were recorded in the values of imports from India (-11.1%) and Taiwan (-10.6%).
Analysis by major commodity
Comparing April 2024 with April 2023, 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 $22.4 billion or +14.3%) and "office machines and automatic data processing machines" (by $8.2 billion or +24.0%).
Over the same period of comparison, 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 $17.9 billion or +11.1%).
For the first four months of 2024 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 $83.4 billion or +13.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.2 billion or +15.6%).
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 $62.2 billion or +10.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.2 billion or +9.5%).
Commentary
A Government spokesman said that the value of merchandise exports grew notably in April 2024 over a year earlier. Exports to the Mainland and the United States rose visibly, while those to the European Union fell. Those to other major Asian markets showed mixed performance.
Looking ahead, Hong Kong's export performance should improve further if external demand holds up, though geopolitical tensions and a longer period of tight financial conditions will bring uncertainties. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for April 2024. Table 2 presents the original monthly trade statistics from January 2021 to April 2024, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for April 2024 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 April 2024.
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 April 2024 will be released in mid-June 2024.
The April 2024 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2024 and will be available in early June 2024. 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).
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