Exports up 6.7% to $334.7b in October

The Indian export market registered the largest increase.

Total exports, which includes re-exports and domestic exports, increased 6.7% YoY to $334.7b in Q3, according to latest data from the Hong Kong Census and Statistics Department.

The value of re-exports increased 6.7% to $331b whilst domestic exports rose 3.2% to $3.7b.

Total exports to Asia grew 8% YoY with exports to India registering the largest increase at 36.5%. This was followed by a 23.4% increase in exports to Thailand and 17.4% increase in exports to Philippines.

Increases were also registered outside the region with Germany (+22.6%) and the United Kingdom (+6.1%) contributing the most to the expansion.

Export contributions were led by commodities from electrical machinery, apparatus and appliances and electrical parts which grew 6.8% YoY to $7.6b.

Office machines and automatic data processing machines also rose 15.5% to $4.8b whilst non-metallic mineral manufactures increased 14.7% to $1.9b.

A government spokesman attributed the rise in merchandise exports to an improving global economy which is expected to be sustained in the near term.