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



External Merchandise Trade Statistics for November 2020

 



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December 28, 2020 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the external merchandise trade statistics for November 2020. In November 2020, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 5.6% and 5.1% respectively.

In November 2020, the value of total exports of goods increased by 5.6% over a year earlier to HK$379.6 billion (US$48.6 billion), after a year-on-year decrease of 1.1% in October 2020. Concurrently, the value of imports of goods increased by 5.1% over a year earlier to HK$405.2 billion (US$51.9 billion) in November 2020, after a year-on-year increase of 0.6% in October 2020. A visible trade deficit of HK$25.6 billion (US$3.2 billion), equivalent to 6.3% of the value of imports of goods, was recorded in November 2020.

For the first 11 months of 2020 as a whole, the value of total exports of goods decreased by 2.8% over the same period in 2019. Concurrently, the value of imports of goods decreased by 5.0%. A visible trade deficit of HK$296.6 billion (US$38 billion), equivalent to 7.7% of the value of imports of goods, was recorded in the first 11 months of 2020.

Comparing the three-month period ending November 2020 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 7.7%. Meanwhile, the value of imports of goods increased by 7.2%.

Comparing November 2020 with November 2019, total exports to Asia as a whole grew by 5.7%. Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (+7.1%) and the USA (+1.5%).

Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Korea (+20.8%), Taiwan (+19.4%), Vietnam (+15.3%), Singapore (+8.1%) and the Mainland (+4.3%). Concurrently, decreases were recorded in the values of imports from Malaysia (-9.9%) and the USA (-7.7%).

Comparing November 2020 with November 2019, 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 HK$15.3 billion (US$1.9 billion) or 10.5%], “non-ferrous metals” [by HK$5.0 billion (US$641 million) or 177.2%] and “office machines and automatic data processing machines” [by HK$2.3 billion (US$294 million) or 6.1%]. However, decreases were registered in the values of total exports of “power generating machinery and equipment” [by HK$3.2 billion (US$410 million) or 33.2%], “telecommunications and sound recording and reproducing apparatus and equipment” [by HK$3.1 billion (US$397 million) or -4.2%] and “articles of apparel and clothing accessories” [by HK$1.9 billion (US$243 million) or -25.5%].

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 HK$20.7 billion (US$2.65 billion) or 14.0%], “essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations” [by HK$3.3 billion (US$423 million) or 78.9%], “non-ferrous metals” [by HK$2.8 billion (US$358 million) or 54.7%] and “office machines and automatic data processing machines” [by HK$2.5 billion (US$320 million) or 8.2%]. However, a decrease was registered in the value of imports of “telecommunications and sound recording and reproducing apparatus and equipment” [by HK$4.4 billion (US$564 million) or -6.3%].

A Government spokesman said that the value of merchandise exports resumed growth on a year-on-year basis in November, mainly reflecting an improved external trading environment. This was particularly evidenced by the strong performance in exports to the Mainland. Exports to the US reverted to a modest increase, and those to the EU picked up further. Exports to many major Asian markets also showed improvement of varying degrees.

Looking ahead, while the continued strengthening of the Mainland economy should render support to Hong Kong's exports, the sharp deterioration of epidemic situations in many advanced economies of late may slow the pace of global economic recovery in the coming months and constrain Hong Kong's export performance. The development of China-US relations, geopolitical tensions, and the Brexit process also warrant attention. The Government will monitor the developments closely.


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