H. Kong’s exports increase 13.1% in July – report

Hong Kong’s total value of exports increased by 13.1 per cent to $390.4 billion in July compared to the same period last year, according to the Census and Statistics Department (C&SD) report on Tuesday.

This followed a 10.7 per cent increase in June. Similarly, imports rose by 9.9 per cent to $412.3 billion, up from 9.0 per cent in June.

Despite the positive growth, Hong Kong recorded a visible trade deficit of $21.8 billion in July, representing 5.3 per cent of the value of imports.

For the first seven months of 2024, the trade deficit amounted to $182.8 billion, equivalent to 6.6 per cent of imports.

On a seasonally adjusted basis, total exports increased by 1.0 per cent and imports by 0.2 per cent in the three-month period ending July 2024 compared to the previous three months.

Asia remained the dominant market for Hong Kong’s exports, with total exports to the region increasing by 15.7 per cent in July 2024 compared to the same period last year, the report added.

Notable gains were observed in Malaysia (+39.2 per cent), Mainland China (+23.0 per cent), Vietnam (+21.7 per cent), Thailand (+20.2 per cent), and the Philippines (+19.2 per cent). However, exports to India (-27.9 per cent) and Singapore (-16.8 per cent) declined.

Outside of Asia, Hong Kong’s exports to the Netherlands (+78.9 per cent) and the USA (+19.7 per cent) also recorded significant increases. In contrast, exports to the United Kingdom decreased by 31.0 per cent.

Attribution: The Census and Statistics Department report

Subediting: M. S. Salama