Exports up 8% to $347.7b in March

Trade outflows to Asia rose 9.4% but plunged in India (-35.3%) and Taiwan (-7.4%).

Total exports rose again this year as trade value rose 8% YoY to $347.7b in March, according to external merchandise trade statistics released by the Census and Statistics Department.

Also read: Exports up 1.7% to $245.7b in February

Total of exports to Asia rose 9.4% thanks to a strong trade and production activities in the region which correspondingly buoyed exports to major destinations like Malaysia (+17.5%), the Mainland (+17.3%), Singapore (+4.7%), Korea (+2.8%) and Thailand (+2.3%).

On the other hand, exports to India plunged 35.3% and also fell 7.4% in Taiwan, UK (-2.4%) and US (0.8%).

Higher export levels were registered in electrical machinery, apparatus and appliances, and electrical parts thereof which rose 23.7% YoY, office machines and automatic data processing machines up 24.1% YoY and power generating machinery and equipment which soared 42.1%.

However, total exports of non-metallic mineral manufactures fell 21.4% by $5.2b over the same period. 

Growing political and economic uncertainties arising between the US and China may pose certain risks to Hong Kong’s economic outlook, a government spokesperson cautioned.