The Census and Statistics Department (C&SD) released today (February 27) the external merchandise trade statistics for January 2023. In January 2023, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year decreases, at 36.7% and 30.2% respectively.

In January 2023, the value of total exports of goods decreased by 36.7% over a year earlier to $290.9 billion, after a year-on-year decrease of 28.9% in December 2022. Concurrently, the value of imports of goods decreased by 30.2% over a year earlier to $316.3 billion in January 2023, after a year-on-year decrease of 23.5% in December 2022. A visible trade deficit of $25.4 billion, equivalent to 8.0% of the value of imports of goods, was recorded in January 2023.

Comparing the three-month period ending January 2023 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 13.8%. Meanwhile, the value of imports of goods decreased by 8.1%.

Analysis by country/territory

Comparing January 2023 with January 2022, total exports to Asia as a whole dropped by 41.4%. In this region, decreases were registered in the values of total exports to most major destinations, in particular Japan (-50.0%), Singapore (-45.2%), Taiwan (-45.1%), the mainland of China (the Mainland) (-43.7%) and Vietnam (-41.7%).

Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-40.0%), the USA (-28.8%) and the United Kingdom (-27.0%).

Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular the Mainland (-39.1%), Vietnam (-38.4%), Korea (-36.2%), Japan (-29.7%), Singapore (-23.1%), Malaysia (-22.2%) and India (-20.7%).

Comparing the three months ending January 2023 with the three months ending January 2022, year-on-year decreases were registered in the values of total exports to most major destinations, in particular Japan (-40.3%), the Mainland (-34.3%), Taiwan (-32.5%), Vietnam (-31.1%) and the USA (-27.5%). Concurrently, an increase was recorded in the value of total exports to the United Arab Emirates (+24.9%).

Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular the Mainland (-31.4%), Korea (-31.1%), Japan (-22.0%), Singapore (-21.0%), Vietnam (-19.4%) and the USA (-18.7%). On the other hand, an increase was recorded in the value of imports from the Philippines (+10.2%).