Exports and imports soar to 26.7% and 31% in June

But government said the level of uncertainty in the external trading environment remains high due to the measures implemented by some European economies.

The value of Hong Kong's total exports and imports of goods in June grew 26.7% and 31% year-on-year, according to the Census & Statistics Department (CSD).

CSD said the distinct expansion of merchandise exports expanded in June showing the robust growth of Asian markets and the gradual recovery in the advanced economies. However, it said the level of uncertainty in the external trading environment remains high, particularly in view of the austerity measures to be implemented in many European economies as well as the fading of the boosting effect from the earlier stimulus measures in the US economy.

The value of total exports, comprising re-exports and domestic exports, rose 26.7% to $267.6 billion, after a year-on-year increase of 24.4% in May. The value of re-exports rose 26.8% to $261.7 billion, while the value of domestic exports rose 25.3% to $5.9 billion.

CSD said the value of imports grew 31% to $298.2 billion, after a year-on-year increase of 29.7% in May. A visible trade deficit of $30.6 billion, equivalent to 10.3% of the value of imports of goods, was recorded.

For the first half the year, the value of total exports rose 25.1% over the same period last year. The value of re-exports increased 25.1%, while that of domestic exports grew 22.7%. The value of imports of goods grew 31.9%. A visible trade deficit of $179.1 billion, equivalent to 11.3% of the value of imports of goods, was recorded.

Comparing the second quarter this year with the preceding quarter on a seasonally-adjusted basis, the value of total exports of goods rose 5.2%. Within this total the value of re-exports increased 5.5%, whereas the value of domestic exports fell 5.2%. The value of imports of goods rose by 3.2%.