Exports up 15.9% to $351.4b in May

Trade volumes to Singapore and Malaysia surged 43%.

Hong Kong exports continued to accelerate after growing 15.9%YoY to $351.4b in May, according to the Census & Statistics department.

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Total exports to Asia rose 15.8% with trade flows to Singapore and Malaysia leading the charge after rising 43.9% and 43.6% respectively.

Exports to the Philippines, the Mainland, Thailand and Japan also rose 25.5%, 19.2%, 18.6% and 13% respectively, offsetting a 21.7% decrease in India. Exports outside of Asia also rose particularly in Germany, US and UK.

Exports of electrical machinery, apparatus and appliances and electrical parts accounted for the largest exports share at $24.8b. Exports of office and automatic data processing machines also surged 32.7% YoY to $9.8b followed by telecommunications and sound recording and reproducing apparatus and equipment which hit $5.6b.

On the other hand, imports rose 16.5% YoY to $394.6b led by major suppliers like Malaysia, Korea and Taiwan.