Exports dipped 4.1% to $3.99t in 2019

This was attributed to a 15.7% rise in exports to Mainland China.

Hong Kong’s total exports of goods in terms of value dropped by 4.1% YoY to $3.99t in 2019, according to data from the Census and Statistics Department (C&SD). A trade deficit of $426.8b was recorded in 2019, with imports falling 6.5% to $4.41t over the same period.

In December, exports rose 3.3% YoY $351.3b, whilst imports dipped 1.9% to $383.8b. This translated to a trade deficit of $32.5b. A government spokesperson attributed this to a visible increase in exports to the Mainland upon a low base of comparison.

Total exports to Asia as a whole grew by 10.2% YoY during the month. Mainland China recorded the biggest growth in exports in the region at 15.7%, followed by Taiwan (7.8%) and Malaysia (7%). In contrast, Thailand recorded the steepest fall at 18.2%, followed by Korea (16.5%) and Japan (13.9%).

Outside the region, exports to the USA, Germany and the United Kingdom also slumped 22.5%, 12.1% and 2.0%, respectively.

Meanwhile, imports declined from the USA (21.6%), Malaysia (11.4%), India (10.9%) and the Mainland (4.9%). Concurrently, it soared from Vietnam (55.9%) and Taiwan (21.1%), and expanded from Singapore (6.8%).

Amongst commodities, exports for electrical machinery, apparatus and appliances, and electrical parts thereof rose 19.4%, whilst those of power generating machinery and equipment jumped 64.1%.

However, it dropped 13.3% for telecommunications and sound recording and reproducing apparatus and equipment, and 16.6% for articles of apparel and clothing accessories.

For imports, most commodities slipped except for electrical machinery, apparatus and appliances, and electrical parts thereof, where it climbed 11.4%.