September total exports up 24% to $280.2bln

A trade deficit of $24.4bln, equivalent to 8% of the value of imports of goods, was recorded in September.

The value of Hong Kong's total exports and imports of goods rose by 24.1% and 19.5% in September, over the same month last year.

According to figures released by the Census & Statistics Department on Tuesday, in September the value of total exports of goods rose 24.1% over a year earlier to $280.2 billion. Within this total the value of re-exports grew 24.2% to $274.2 billion while the value of domestic exports rose 17.1% to $6 billion, according to a government report.

Concurrently, the value of imports of goods rose 19.5% over a year earlier to $304.7 billion, after a year-on-year increase of 28.4% in August. A visible trade deficit of $24.4 billion, equivalent to 8% of the value of imports of goods, was recorded in September.

For this year’s first nine months, the value of total exports of goods rose 26.1% over the same period last year.
Within this total, the value of re-exports went up 26.2% while the value of domestic exports increased 21.8%. A visible trade deficit of $245 billion, equivalent to 9.9% of the value of imports of goods, was recorded in the year’s first nine months.

Compared to the same month last year, total exports to Asia in September grew 24.1%. Increases were registered in the value of total exports to most major destinations, particularly India (+72.7%), Vietnam (+35.0%) and Malaysia (+31.1%).

The department said the Asian market continued to expand vibrantly, driven by strong industrial production activities and investment demand. The strong domestic demand in Asia and the resurgence in intra-regional trade flows should continue to be supportive to Hong Kong's merchandise exports. However, there are still considerable "headwinds" in the external environment, it said, with the still fragile recovery in the advanced economies, rising protectionist sentiments and heightened volatility in exchange rate markets.