March 27, 2024

The Census and Statistics Department (C&SD) released today (March 26) the external merchandise trade statistics for February 2024. In February 2024, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 0.8% and 1.8% respectively.

As the trade flows tend to show greater volatilities in the first two months of a year due to the timing of the Lunar New Year, it is more appropriate to analyse the trade figures for January and February taken together in making year-on-year comparison.

Taking January and February of 2024 together, the value of total exports of goods increased by 16.6% over the same period in 2023. Concurrently, the value of imports of goods increased by 9.7%. A visible trade deficit of $38.1 billion, equivalent to 5.4% of the value of imports of goods, was recorded in the first two months of 2024.

In February 2024, the value of total exports of goods decreased by 0.8% over a year earlier to $284.1 billion, after a year-on-year increase of 33.6% in January 2024. Concurrently, the value of imports of goods decreased by 1.8% over a year earlier to $325.7 billion in February 2024, after a year-on-year increase of 21.7% in January 2024. A visible trade deficit of $41.7 billion, equivalent to 12.8% of the value of imports of goods, was recorded in February 2024.

Comparing the three-month period ending February 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 5.5%. Meanwhile, the value of imports of goods increased by 3.3%.

Analysis by country/territory

Comparing February 2024 with February 2023, total exports to Asia as a whole dropped by 1.3%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-20.3%), Korea (-19.5%), Vietnam (-18.7%) and the mainland of China (the Mainland) (-0.6%). On the other hand, increases were recorded in the values of total exports to Thailand (+62.2%), India (+17.9%) and the Philippines (+11.6%).

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 (+11.8%). On the other hand, decreases were recorded in the values of total exports to Australia (-36.2%) and the Netherlands (-10.9%).

Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular Malaysia (-32.3%), the Mainland (-10.0%) and Taiwan (-8.4%). On the other hand, increases were recorded in the values of imports from Korea (+87.6%), Singapore (+27.8%) and Vietnam (+24.2%).

For the first two 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 (+53.1%), India (+34.7%), the Mainland (+25.7%), the United Arab Emirates (+22.8%) and the USA (+11.7%). On the other hand, a decrease was recorded in the value of total exports to the Netherlands (-34.3%).

Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Korea (+53.3%), Vietnam (+28.9%), the USA (+19.8%), Thailand (+16.4%), Singapore (+16.2%) and the Mainland (+13.6%). On the other hand, a decrease was recorded in the value of imports from Malaysia (-14.0%).

Analysis by major commodity

Comparing February 2024 with February 2023, 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 $3.5 billion or -2.6%) and “non-ferrous metals” (by $2.5 billion or -38.1%). On the other hand, an increase was registered in the value of exports of “telecommunications and sound recording and reproducing apparatus and equipment” (by $3.5 billion or +10.1%).

Over the same period of comparison, decreases were registered in the values of imports of some principal commodity divisions, in particular “telecommunications and sound recording and reproducing apparatus and equipment” (by $3.6 billion or -9.4%) and “power generating machinery and equipment” (by $3.1 billion or -24.1%). On the other hand, an increase was registered in the value of imports of “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $5.8 billion or +4.4%).

For the first two months of 2024 as a whole, year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $52.1 billion or +19.7%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $13.7 billion or +18.2%).

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 $33.6 billion or +12.6%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $8.9 billion or +11.7%).

Source: Census and Statistics Department of Hong Kong
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