External Merchandise Trade Statistics for April 2024

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).

Government gazettes amendment regulations to implement electronic vehicle licence initiative and tackle prolonged non-licensed vehicles

The Road Traffic (Registration and Licensing of Vehicles) (Amendment) Regulation 2024 (RLV Amendment Regulation), Road Traffic (Registration and Licensing of Vehicles) (Amendment) (No. 2) Regulation 2024 (RLV (No. 2) Amendment Regulation) and Motor Vehicles Insurance (Third Party Risks) (Amendment) Regulation 2024 (TPR Amendment Regulation) were gazetted today (October 18).

The Amendment Regulations seek to implement an electronic vehicle licence (eVL) of the Transport Department (TD) by obviating the need of vehicle owners to replace their paper-form vehicle licences on each renewal, to simplify the supporting documents required for vehicle licence (VL) applications; as well as to tighten the vehicle registration and licensing regime by introducing a penalty for taking no action on vehicles unlicensed for two years or more.

A spokesman for the Transport and Logistics Bureau said, "The eVL initiative will streamline the process for vehicle licence applications and bring greater convenience to vehicle owners. The TD will issue a notice to the vehicle owners containing the new licensed period in lieu of a paper-form VL, so that the vehicle owners will not need to replace the paper-form VL with a new one on each renewal after its first issuance bearing no expiry date. The amendments to the law will also simplify the documents accompanying a VL application by repealing the requirement of presenting the Vehicle Registration Document; whereas online VL applicants will have the option not to present the scanned copy of policy of insurance or security, but providing information (such as name of the vehicle owner, identity document number of the vehicle owner, vehicle registration mark, etc) to be specified by the Commissioner for Transport.

"Moreover, to address at source the issue of improper abandonment of unlicensed vehicles in a public area, amendments will be made to hold vehicle owners responsible for their vehicles on a continuous basis. The registered owners of vehicles unlicensed for two years or more must, within three months of the date of a notice to be issued by the TD, either have the vehicle relicensed, or cancel the registration of the unlicensed vehicle in accordance with the requirement, failing which will constitute an offence," the spokesman added.

The Legislative Council (LegCo) Panel on Transport and the Transport Advisory Committee were briefed on the above, and members generally supported and welcomed the proposed arrangements. The Amendment Regulations will be tabled at the LegCo on October 23 for negative vetting. Subject to scrutiny by the LegCo, the RLV Amendment Regulation and TPR Amendment Regulation will be effective from December 30 this year. To allow sufficient time for vehicle owners to take appropriate actions on their unlicensed vehicles, the RLV (No. 2) Amendment Regulation will come into operation on a date to be fixed by notice in the Gazette, tentatively in the fourth quarter of 2025.