Value of Hong Kong total exports up 21.5% in March

Re-exports value grew 21.7% to $275.1bn while the value of domestic exports up 11.6% to $6.4bn.

The value of Hong Kong's total exports and imports of goods in March showed significant year-on-year increases at 21.5% and 18.8%.

According to figures released by the Census & Statistics Department on Thursday, the value of total exports rose 21.5% over a year earlier to $281.5 billion, after a year-on-year increase of 24.9% in February. Within this total, the value of re-exports grew 21.7% to $275.1 billion while the value of domestic exports increased 11.6% to $6.4 billion.

The value of imports rose 18.8% over a year earlier to $321.6 billion in March, after a year-on-year increase of 25.2% in February. A visible trade deficit of $40.1 billion, equivalent to 12.5% of the value of imports, was recorded.

For the first quarter of this year as a whole, the value of total exports rose 24.6% over the same period last year. Within this total, the value of re-exports grew 24.9% while the value of domestic exports increased 11.9%.

The value of imports rose 20.6% for the first quarter of this year. A visible trade deficit of $81 billion, equivalent to 9.3% of the value of imports of goods, was recorded.

Comparing the first quarter with the preceding quarter on a seasonally adjusted basis, the value of total exports rose 17.2%. Within this total, the value of re-exports rose 17.3% while the value of domestic exports grew 11.3%. Meanwhile, the value of imports increased 13.6%.

Comparing March with the same month last year, total exports to Asia as a whole grew 20.7%. Strong increases were registered in the values of total exports to most major destinations, particularly Thailand (+54.6%), Taiwan (+45%), India (+38.6%), the Mainland (+18.9%) and Singapore (+18.4%).

Over the same period of comparison, increases were registered in the value of imports from all major suppliers, particularly Singapore (+30.8%), South Korea (+29.1%) and Thailand (+24.1%).

For this year’s first quarter, significant year-on-year increases were registered in the values of total exports to most major destinations, particularly Thailand (+56.2%), India (+48.1%) and the Mainland (+27.6%).

Over the same period, significant year-on-year increases were registered in the values of imports from all major suppliers, particularly South Korea (+29%) and Thailand (+25.3%).

The Government said the vibrant performance of the Asian economies and the sustained recovery in the US and EU should continue to render support for Hong Kong's export performance. However, the impact of Japan’s earthquake on regional trade flows may become more discernible in the trade figures for the coming months.