Trade hub: January and February saw total goods exports rise 10.2%.

The value of total goods exports rose 10.2% in January and February, on the same period last year. The Census & Statistics Department said within this total, the re-exports value surged 13.5% while the value of domestic exports value fell 35.3%. Concurrently, the value of goods imports grew 7.8%.

A visible trade deficit of $11.9 billion, equivalent to 3.1% of the goods imports value, was recorded. The two months are combined for analysis to neutralise the distortion caused by the different timing of the Lunar New Year holidays this year.

While total exports to the Mainland remained strong, those to the European Union showed notable improvement. Total exports to the US also stayed firm despite the expected weakening of demand in this market.

Near-term trade

The department said the near-term trade performance will continue to hinge on the global economic environment, particularly the evolving situation in the US economy, and exchange rate movements.

The two-month period saw year-on-year increases in the value of total exports to most major destinations, particularly the UK (+23.4%), Italy (+18%), the Mainland (+11.3%) and the US (+7.9%). Falls were registered in total exports to South Korea (-8.1%).

Over the same period, year-on-year increases were registered in the values of imports from many major suppliers, particularly the Philippines (+20.6%), the US (+17.8%), the Mainland (+11.4%), Singapore (+11.2%) and Thailand (+6.4%).

Electrical exports

Significant year-on-year increases in the total exports value of most principal commodities were recorded, particularly electrical machinery, apparatus and appliances, and their electrical parts ($14.2 billion or +18.8%), miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods ($6.6 billion or +25.8%) and clothing ($5.8 billion or +19%).

The same period saw significant year-on-year increases in the value of imports of many principal commodities, particularly electrical machinery, apparatus and appliances, and their electrical parts ($13 billion or + 15.3%) and miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods ($7.2 billion or + 37.1%).

However, a year-on-year decrease was recorded in the value of imports of telecommunications and sound recording and reproducing apparatus and equipment ($3.9 billion or -8%).