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External Merchandise Trade Statistics for April 2024

HK

External Merchandise Trade Statistics for April 2024
HK

HK

External Merchandise Trade Statistics for April 2024

2024-05-27 16:30 Last Updated At:19:56

Unlocking the trends: april 2024's external merchandise trade statistics

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).

Temporary joyyou card application service centers open to assist elderly hong kong residents with public transport fare concession scheme transition

The Government announced today (June 20) that to assist Hong Kong residents aged 60 or above in applying for JoyYou Cards so that they can continue to enjoy the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities ($2 Scheme), eight temporary JoyYou Card application service centreson Hong Kong Island, in Kowloon and the New Territories will commence operation from next Monday (June 24).

From August 25 this year, all Hong Kong residents aged 60 or above must use a JoyYou Card to enjoy the $2 Scheme. Existing Anonymous Elder Octopus and ordinary Personalised Octopus will no longer be applicable. As for eligible persons with disabilities aged below 60, they can continue to enjoy the $2 Scheme using the Personalised Octopus encoded with "Persons with Disabilities Status" and need not apply for a JoyYou Card.

To assist persons in need in submitting applications or supplementary information as soon as possible, Octopus Cards Limited (OCL) will set up the following eight temporary JoyYou Card application service centres from next Monday until August 31 (see Annex for location maps):

  • Conference Room, 2/F, Kennedy Town Community Complex (12 Rock Hill Street, Kennedy Town, Hong Kong);
  • Conference Room, G/F, Leighton Hill Community Hall (133 Wong Nai Chung Road, Wan Chai, Hong Kong);
  • Room 210, 2/F, Wong Tai Sin Community Centre (104 Ching Tak Street, Wong Tai Sin, Kowloon);
  • Conference Room, Mong Kok Community Hall, L2, Mong Kok Complex (557 Shanghai Street, Mong Kok, Kowloon);
  • Conference Room, G/F, Tai Yuen Community Hall (Tai Yuen Estate, Tai Po, New Territories);
  • Conference Room, 4/F, North District Community Centre (2 Lung Wan Street, Sheung Shui, New Territories);
  • Activity Room, G/F, Kwai Fong Community Hall (2 Lai Fong Street, Kwai Chung, New Territories); and
  • Conference Room, G/F, Long Ping Community Hall (Long Ping Estate, Yuen Long, New Territories).
  • The opening hours of these service centres will be 9am to 8pm from Mondays to Fridays and 9am to 1pm on Saturdays. They will be closed on Sundays and public holidays. Members of the public who need assistance in applying for a JoyYou Card may visit these service centres during opening hours.

    In addition, the Government has stepped up publicity to remind eligible persons to apply for JoyYou Cards as soon as possible, and has made good use of district and service networks to provide assistance to eligible persons with disabilities and elderly persons to make an application.

    OCL will send out a JoyYou Card to an eligible applicant within four weeks upon receipt of a duly completed application. Applicants who have not received their JoyYou Cards four weeks after completing the application may call the hotline at 3147 1388 (press 0 after choosing the language to contact operators directly). For applications with incomplete information, OCL will also issue SMS or letters to the applicants concerned for follow-up. Applicants who received relevant SMS or letters should submit the supplementary information as soon as possible. Otherwise, their applications will not be processed further.

    Furthermore, eligible beneficiaries who have not yet applied for a JoyYou Card could also submit their applications by post or via the Octopus App to OCL. Members of the public may visit the JoyYou Card webpage (www.octopus.com.hk/joyyou/en) for videos illustrating steps for making an application and distribution points for paper application forms (with a postage-free return envelope).

    A JoyYou Card carries a personal photo and the name of the eligible beneficiary as proof of eligibility for enjoying the $2 Scheme. Each eligible person will be issued with one card only. The Government accepted JoyYou Card applications from Hong Kong residents aged 65 or above (born in 1956 or before) in batches from June 1, 2022. Some 1.3 million applications, equivalent to around 92 per cent of estimated eligible applicants, have been received to date.

    Source: AI-generated images

    Source: AI-generated images

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