Tag Archives: China

     The Census and Statistics Department (C&SD) released today (September 26) the external merchandise trade statistics for August 2024. In August 2024, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 6.4% and 7.9% respectively.
 
     In August 2024, the value of total exports of goods increased by 6.4% over a year earlier to $381.3 billion, after a year-on-year increase by 13.1% in July 2024. Concurrently, the value of imports of goods increased by 7.9% over a year earlier to $414.4 billion in August 2024, after a year-on-year increase by 9.9% in July 2024. A visible trade deficit of $33.1 billion, equivalent to 8.0% of the value of imports of goods, was recorded in August 2024.
 
     For the first eight months of 2024 as a whole, the value of total exports of goods increased by 11.5% over the same period in 2023. Concurrently, the value of imports of goods increased by 8.0%. A visible trade deficit of $216.0 billion, equivalent to 6.8% of the value of imports of goods, was recorded in the first eight months of 2024.
 
     Comparing the three-month period ending August 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 0.3%. Meanwhile, the value of imports of goods increased by 3.8%.
 
Analysis by country/territory
 
     Comparing August 2024 with August 2023, total exports to Asia as a whole grew by 9.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+27.0%), Malaysia (+23.7%), Thailand (+15.3%), the Philippines (+14.5%) and the mainland of China (the Mainland) (+12.9%). On the other hand, decreases were recorded in the values of total exports to India (-20.5%) and Singapore (-14.5%).
 
     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Switzerland (-62.0%) and the United Kingdom (-46.2%).
 
     Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Singapore (+26.8%), Vietnam (+26.2%), Korea (+19.6%), Malaysia (+17.4%) and the Mainland (+9.7%). On the other hand, decreases were recorded in the values of imports from the Philippines (-10.0%) and the USA (-5.1%).
 
     For the first eight 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 (+28.3%), Vietnam (+23.8%), the Mainland (+18.9%), the USA (+15.2%) and the United Arab Emirates (+4.8%). On the other hand, a decrease was recorded in the value of total exports to India (-10.3%).
 
     Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Vietnam (+48.0%), Korea (+46.0%), Singapore (+20.7%), the Mainland (+9.6%) and Malaysia (+4.8%). On the other hand, a decrease was recorded in the value of imports from the Philippines (-13.8%).
 
Analysis by major commodity
 
     Comparing August 2024 with August 2023, increases were registered in the values of total exports of some principal commodity divisions, in particular “office machines and automatic data processing machines” (by $14.4 billion or +43.5%) and “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $13.0 billion or +7.5%).
 
     Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular “office machines and automatic data processing machines” (by $19.7 billion or +79.6%) and “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $17.0 billion or +10.0%).
 
     For the first eight 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 $149.1 billion or +11.9%) and “office machines and automatic data processing machines” (by $82.3 billion or +32.6%).
 
     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 $122.7 billion or +9.6%) and “office machines and automatic data processing machines” (by $70.5 billion or +35.1%).
 
Commentary
 
     A Government spokesman said that the value of merchandise exports grew solidly in August 2024 over a year earlier.  Exports to the Mainland, the United States and the European Union registered increases of varying degree, while those to other major Asian markets saw mixed performance.
 
     Looking ahead, while geopolitical tensions and trade conflicts will present risks, Hong Kong’s exports performance should remain positive if external demand continues to hold up. The Government will monitor the situation closely.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for August 2024. Table 2 presents the original monthly trade statistics from January 2021 to August 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 August 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 August 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 August 2024 will be released in mid-October 2024.
 
     The August 2024 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in August 2024 and will be available in early October 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). read more

     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on September 25 to noon today (September 26), the CFS conducted tests on the radiological levels of 267 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24, 2023, to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 87 354 samples of food imported from Japan (including 55 794 samples of aquatic and related products, seaweeds and sea salt) and 19 856 samples of local catch respectively. All the samples passed the tests. read more

     The Secretary for the Civil Service, Mrs Ingrid Yeung, attended the Government Career Fair at the Hong Kong Polytechnic University (PolyU) today (September 26) and reminded those interested in applying for four civil service graduate posts to submit their applications through the online application system on the Civil Service Bureau (CSB) website by next Friday (October 4).

     Mrs Yeung toured the career fair with the Vice President (Student and Global Affairs) of PolyU, Professor Ben Young. It is the first time for the career fair to take place at PolyU, with the participation of officers from various departments and civil service grades to introduce the entry requirements of respective grades and share their personal work experience, as well as to encourage students to join the civil service.

     “Thirty government bureaux and departments took part in the career fair today, covering over 50 civil service grades. Apart from the general grades, there are also professional grades and the disciplined services. In view of the characteristics of the courses offered by PolyU, we have arranged officers from the relevant departments to introduce their grades to students. For instance, today’s career fair highlights civil service job opportunities relating to surveying and maritime fields, so that PolyU students who are currently enrolled in the relevant courses can gain a better understanding of the grades concerned. We hope that students will join the Government after graduation and put their knowledge and skills in the relevant professional fields to good use,” Mrs Yeung said.

     The CSB is organising Government Career Fairs at 10 local universities from mid-September to early October. In addition to PolyU, Government Career Fairs were held at City University of Hong Kong, the Education University of Hong Kong, the University of Hong Kong, Hong Kong Metropolitan University, Hong Kong University of Science and Technology, Hong Kong Shue Yan University and Hong Kong Baptist University. The remaining two career fairs will take place at the Hang Seng University of Hong Kong and the Chinese University of Hong Kong.

     Mrs Yeung encouraged those who are aspiring to serve the community to join the civil service to unleash their potential, pursue their dreams and contribute to Hong Kong. She pointed out that since July 2022 all candidates for civil service jobs must attain a pass result in the Basic Law and National Security Law Test (BLNST) in order to be considered for appointment. By the end of 2023, the number of applicants for the BLNST had reached nearly 140 000. The Government has strengthened its recruitment efforts in recent years and a number of grades have recorded a noticeable increase in the number of applicants. In particular, the number of candidates applying for Administrative Officer (AO), Executive Officer II (EOII) and other grades under the joint recruitment exercise in 2023-24 had surged by nearly 40 per cent, showing that a career in the Government is quite attractive to job seekers.

     The Government has launched a joint recruitment exercise for the appointment of four civil service grades, namely AO, EOII, Assistant Trade Officer II and Transport Officer II. Students graduating in the years of 2025 or 2026 may also apply this year. The deadline for submitting applications is 11.59pm on October 4. Candidates interested in applying for posts under the joint recruitment exercise must attain the requisite results in the relevant paper(s) of the Common Recruitment Examination and the BLNST. For details, please refer to the CSB website.

            

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) today (September 26) jointly published the conclusions paper on a further consultation on enhancements to the over-the-counter (OTC) derivatives reporting regime in Hong Kong.
      
     To keep up with international developments, the HKMA and the SFC launched the further consultation in March 2024 on mandating the use of Unique Transaction Identifier and Unique Product Identifier and the reporting of Critical Data Elements (Notes 1, 2 and 3). This is in line with the Group of Twenty’s commitment to reform OTC derivatives markets, and will facilitate the analysis of OTC derivatives transactions by regulators.
      
     In general, respondents supported the proposal and recognised the benefits brought by the international standardisation and harmonisation of data elements reported to different OTC derivatives reporting regimes globally. After considering the feedback received, the HKMA and the SFC have fine-tuned certain proposals to facilitate a smooth implementation.
      
     The conclusions paper also sets out the concluded list of data elements subject to mandatory reporting and confirms the implementation of the proposals in September 2025.
      
     Respondents’ feedback and the conclusions paper can be downloaded from the websites of the HKMA or the SFC.

Note 1: Unique Transaction Identifier is a unique identifier assigned to identify each reported OTC derivatives transaction with the structure and format as set out in the Technical Guidance on Harmonisation of the Unique Transaction Identifier issued by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) in February 2017.

Note 2: Unique Product Identifier is a unique identifier to denote a specific OTC derivatives product with the structure and format as set out in the Technical Guidance on Harmonisation of the Unique Product Identifier issued by the CPMI and IOSCO in September 2017.

Note 3: Critical Data Elements are a standard set of OTC derivatives transaction data elements (other than Unique Transaction Identifier and Unique Product Identifier), formats and allowable values published by the CPMI and IOSCO in April 2018 and by the Regulatory Oversight Committee of the Global Legal Entity Identifier Foundation in September 2021 and September 2023.  read more

     The effective exchange rate index for the Hong Kong dollar on Thursday, September 26, 2024 is 102.9 (up 0.1 against yesterday’s index). read more