External merchandise trade statistics for October 2024
The Census and Statistics Department (C&SD) released today (November 26) the external merchandise trade statistics for October 2024. In October 2024, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 3.5% and 4.5% respectively.
In October 2024, the value of total exports of goods increased by 3.5% over a year earlier to $393.0 billion, after a year-on-year increase by 4.7% in September 2024. Concurrently, the value of imports of goods increased by 4.5% over a year earlier to $424.0 billion in October 2024, after a year-on-year increase by 1.4% in September 2024. A visible trade deficit of $31.0 billion, equivalent to 7.3% of the value of imports of goods, was recorded in October 2024.
For the first 10 months of 2024 as a whole, the value of total exports of goods increased by 9.9% over the same period in 2023. Concurrently, the value of imports of goods increased by 6.8%. A visible trade deficit of $301.7 billion, equivalent to 7.5% of the value of imports of goods, was recorded in the first 10 months of 2024.
Comparing the three-month period ending October 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.7%. Meanwhile, the value of imports of goods decreased by 0.4%.
Analysis by country/territory
Comparing October 2024 with October 2023, total exports to Asia as a whole grew by 5.3%. In this region, increases were registered in the values of total exports to some major destinations, in particular the Philippines (+36.1%), Vietnam (+31.3%), Thailand (+21.8%), Malaysia (+20.8%) and the mainland of China (the Mainland) (+8.6%). On the other hand, decreases were recorded in the values of total exports to India (-34.3%) and Korea (-15.0%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-38.0%) and the Netherlands (-14.5%). On the other hand, an increase was recorded in the value of total exports to the USA (+5.8%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Malaysia (+32.4%), the USA (+23.1%), the Philippines (+21.7%), Taiwan (+18.2%), Singapore (+15.6%) and the Mainland (+2.6%). On the other hand, a decrease was recorded in the value of imports from Thailand (-19.8%).
For the first 10 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 (+26.4%), Vietnam (+25.6%), the Mainland (+17.1%) and the USA (+12.3%). On the other hand, a decrease was recorded in the value of total exports to India (-14.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Vietnam (+37.6%), Korea (+35.0%), Singapore (+17.3%), the Mainland (+7.9%) and Malaysia (+6.8%). On the other hand, a decrease was recorded in the value of imports from the Philippines (-7.8%).
Analysis by major commodity
Comparing October 2024 with October 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 $17.8 billion or +10.4%).
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 $12.9 billion or +7.3%) and "office machines and automatic data processing machines" (by $10.6 billion or +36.6%).
For the first 10 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 $173.8 billion or +10.8%) and "office machines and automatic data processing machines" (by $103.5 billion or +31.1%).
Over the same period of comparison, year-on-year 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 $139.8 billion or +8.5%) and "office machines and automatic data processing machines" (by $102.0 billion or +39.0%).
Commentary
A Government spokesman said that the value of merchandise exports continued to grow in October 2024 over a year earlier. Exports to the Mainland, the United States and the European Union saw increases. Those to other major Asian markets showed mixed performance.
Looking ahead, the increased global economic uncertainties and the possible escalation of trade conflicts would pose challenges to Hong Kong's export performance, but the Mainland's various measures to boost its economy should provide support to demand for goods exported from Hong Kong. The Government will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for October 2024. Table 2 presents the original monthly trade statistics from January 2021 to October 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 October 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 October 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 October 2024 will be released in mid-December 2024.
The October 2024 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2024 and will be available in early December 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).
