Hong Kong Economic and Trade Office, USA
Hong Kong
News Release



External merchandise trade statistics for November 2019

 



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December 30, 2019 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the external merchandise trade statistics for November 2019. In November 2019, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 1.4% and 5.8% respectively.

In November 2019, the value of total exports of goods decreased by 1.4% over a year earlier to HK$359.3 billion (US$46.06 billion), after a year-on-year decrease of 9.2% in October 2019. Concurrently, the value of imports of goods decreased by 5.8% over a year earlier to HK$385.4 billion (US$49.4 billion) in November 2019, after a year-on-year decrease of 11.5% in October 2019. A visible trade deficit of HK$26.2 billion (US$3.3 billion), equivalent to 6.8% of the value of imports of goods, was recorded in November 2019.

For the first 11 months of 2019 as a whole, the value of total exports of goods dropped by 4.7% over the same period in 2018. Concurrently, the value of imports of goods decreased by 6.9%. A visible trade deficit of HK$394.0 billion (US$50.5 billion), equivalent to 9.8% of the value of imports of goods, was recorded in the first 11 months of 2019.

Comparing the three-month period ending November 2019 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 0.7%. Meanwhile, the value of imports of goods decreased by 1.9%.

Comparing November 2019 with November 2018, decreases were registered in the values of total exports to some major destinations in other regions, in particular the USA (-23.7%), Germany (-17.5%) and the United Kingdom (-8.8%).

Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular India (-23.5%), Malaysia (-18.3%), the USA (-11.5%), Singapore (-9.8%) and the Mainland (-7.8%). Concurrently, increases were recorded in the values of imports from Vietnam (+55.6%) and Taiwan (+18.0%).

Comparing November 2019 with November 2018, decreases were registered in the values of total exports of most principal commodity divisions, in particular “telecommunications and sound recording and reproducing apparatus and equipment” (by HK$4.8 billion (US$615 million) or -6.1%), “non-metallic mineral manufactures” [by HK$2.3 billion (US$294.9 million) or -18.1%] and “miscellaneous manufactured articles [mainly jewelry, goldsmiths' and silversmiths’ wares[” [by HK$2.0 billion (US$256 million) or -10.3%]. However, increases were registered in the values of total exports of “electrical machinery, apparatus and appliances, and electrical parts thereof” [by HK$10.1 billion (US$1.2 billion) or 7.5%] and “power generating machinery and equipment” [by HK$4.7 billion (US$602 million) or 96.4%].

Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular “office machines and automatic data processing machines” [by HK$3.9 billion (US$500 million) or -11.4%], “non-metallic mineral manufactures” [by HK$3.4 billion (US$435 million) or -21.7%] and “petroleum, petroleum products and related materials” [by HK$3.1 billion (US$397 million) or -32.0%]. However, an increase was registered in the value of imports of “power generating machinery and equipment” [by HK$2.2 billion (US$282 million) or 31.6%].

A Government spokesman said that the value of merchandise exports recorded a narrower year-on-year decline in November 2019, mainly due to a rebound in exports to the Mainland upon a low base of comparison. Exports to the major advanced economies stayed weak.

While the US and the Mainland have reached a first-phase trade agreement, global economic growth has yet to improve and the external environment is still subject to various uncertainties. The Government will continue to monitor the situation closely.

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