Efflorescence is salt, moisture is drawn to salt to balance or re-establish equilibrium to dilute the salt. As water evaporates it leaves more salt (efflorescence) on the outside, hence the cycle of hydrostatic pressure and sub-florescence which is deeper in the pores of the brick and mortar. So if the pressure is greater than the brick can stand and as in Marcels article and like I said look at your photos the mortar looks pretty good. One thing to note porous building materials in contact with the earth will pull the salt in and up and can travel a very long way, 6 miles by (hydrostatic pressure / osmosis). This will evaporate in the easiest place, if the chimney is encased in the home or painted then this would be the easiest place.
One thing to note as with Marcels post on mortar, this is why it is very important to use a strong lime based mortar when tuck pointing rock foundations or rock wall homes.