March saw a 3.5% surge in the value of goods exports over a year earlier to $168.7 billion. The value of goods imports rose 2.5% to $182.5 billion, and a visible trade of $13.8 billion, equivalent to 7.6% of the value of goods imports, was recorded.

The Census & Statistics Department said the re-export value grew 4.9% to $160.6 billion in March, while the domestic export value fell 17.2% to $8 billion.

The value of goods exports maintained distinct growth for this year's first quarter, attaining double-digit year-on-year rise of 10.6% for the sixth quarter in a row. However, it said the latest ease-back warrants close monitoring over how export performance unfolds in the coming months.

Within this total, the re-export value surged 11.7% while domestic export value dipped 6.9%. The value of goods imports also grew 8.1%. A visible trade deficit of $25.4 billion, equivalent to 5% of the value of goods imports, was recorded in the first quarter.

Comparing this year's first quarter with the previous quarter on a seasonally adjusted basis, the value of goods exports fell 0.3%. Within this total, the re-export value increased 0.7% while the domestic export value went down 14.9%. Meanwhile, the value of goods imports grew 2.5%.

East Asian fall

There were signs of weakness in exports to selected East Asian economies in March, which was consistent with a concurrent deceleration in growth of their own exports.  This, coupled with a fall-off in exports to the US in the month, hints that global and regional demand might have eased back recently.

Increases were seen in the values of re-exports to most major destinations in March, in particular Japan (up 14.3%), the UK (11.2%), Germany (9.1%) and the Mainland (7.9%). However, the value of re-exports to Taiwan decreased 12.5%.

Decreases were registered in the values of domestic exports to many major destinations, in particular Germany (down 68.9%), the UK (46.8%), the Philippines (39.3%) and the US (35.4%). However, the value of domestic exports to Singapore surged 15.4%.

On imports, the value of imports from some major suppliers surged, in particular India (up 35.8%), Thailand (10.6%) and Singapore (10.0%). However, the value of imports from Germany and Taiwan decreased 14.1% and 8.2%.

For the first quarter as a whole, the value of re-exports to most major destinations grew, in particular the Netherlands (up 28.1%), Germany (24.6%), the UK (18.5%), France (14.8%) and Singapore (13.8%). Year-on-year decreases were seen in the values of domestic exports to some major destinations, in particular Germany (down 54.6%), the UK (44.1%) and the Philippines (28.4%). The values of domestic exports the Netherlands and Singapore went up 29.5% and 26.2%.

Year-on-year increases were registered in the value of imports from most major suppliers, in particular India (up 20.3%), the Mainland (13.9%), Singapore (12.4%) and Thailand (12.4%). The value of imports from Germany fell 16.5%.

Analysed by types of commodities, the re-export value of telecommunications, sound recording and reproducing apparatus and equipment grew $2.2 billion, or 11.4%. This was followed by electrical machinery, apparatus and appliances, and electrical parts thereof (up $1.6 billion or 4.9%) and plastics in primary forms (up $1.6 billion or 42.4%). The domestic export value of clothing decreased by $2 billion, or 48.3%.

Office machines, plastics up

Increases were registered in the domestic export values office machines and automatic data processing machines (by $210 million or 41.6%) and plastics in primary forms (by $184 million or 91%).

The import values of many principal commodity divisions grew, in particular non-metallic mineral manufactures (by $2 billion or 34.2%) and plastics in primary forms (by $1.9 billion or 42.4%). However, the import value of office machines and automatic data processing machines went down $2.2 billion or 11%.

For the first quarter as a whole, the re-export value of office machines and automatic data processing machines surged $11.9 billion or 23.8%. Increases were also recorded in telecommunications, sound recording and reproducing apparatus and equipment (by $10.6 billion or 19.8%) and electrical machinery, apparatus and appliances, and electrical parts thereof (by $10.4 billion or 12.6%).

Year-on-year decreases were registered in the domestic export values of some principal commodity divisions, in particular clothing (by $4 billion or 34.4%). However, the domestic export value of office machines and automatic data processing machines surged $1.1 billion or 83.5%. The domestic export value of electrical machinery, apparatus and appliances, and electrical parts thereof also went up $736 million or 25.3%.

On import values, year-on-year increases were registered in most principal commodity divisions, in particular electrical machinery, apparatus and appliances, and electrical parts thereof (by $9.1 billion or 9.2%), telecommunications and sound recording and reproducing apparatus and equipment (by $6 billion or 11.3%), and office machines and automatic data processing machines (by $5.4 billion or 10.7%).