External merchandise trade value dips double digits in August

Values of exports and imports of goods fell by 14.3% YoY and 16.3% YoY, respectively.

The city's external merchandise trade value fell by 14.3% YoY for exports and 16.3% YoY for imports in August, data from the Census and Statistics Department (C&SD) showed.

The value of total exports and imports stood at $371.9b and $385.1b. respectively.

Comparing the value of external merchandise trade in the first eight months of 2022 to the same period in 2021, the decrease was 2.9% for exports and 2.1% for imports.

The decline in trade value was also seen across the city's main trade destinations,

Exports and imports value particularly dropped in Japan (-24.7% YoY and -21.5%), the Mainland (-19.4% YoY and - 24.1%), and Thailand (-10.0% YoY and -21.9%).

Looking at the major commodities, decreased were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" by 13.8% YoY or $27.7b; "telecommunications and sound recording and reproducing apparatus and equipment" by 27.9% YoY or $16.9b;  "office machines and automatic data processing machines" by 14.1% YoY or $7.3b; and "non-ferrous metals" (by 39.6% YoY or  $2.9b.

Meanwhile, the values of imports declined in the following major commodities: "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $33.6 billion or -16.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.7 billion or -25.8%), "office machines and automatic data processing machines" (by $11.9 billion or -29.0%) and "essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations" (by $1.5 billion or -26.1%).