ECONOMY | Staff Reporter, Hong Kong

Exports rebound 14.6% to $383.7b in October

This comes on the heels of 4.5% export growth the previous month.

Hong Kong’s October exports booked double-digit growth of 14.6% to $383.7b following a marked slowdown in September, according to the Census & Statistics department. Imports of goods also rose 13.3% to $428.1b over the same period.

Also read: PMI hits 48.6 in October as Chinese demand falters

The strong trade figures comes on the heels of a measly 4.6% export growth in September which was hit by a double whammy of typhoon and trade tensions. 

Total exports to Asia grew 14.1% on the back of strong trade figures from Malaysia (37.9%), Singapore (18%), Mainland (17.8%), the Philippines (16.8%) and Korea (14.4%) which offset softening export actiivty in Taiwan and Japan. Exports to the UK, US and Germany also rose 11.6%, 10.3% and 4.2% respectively.

In terms of commodity, exports of electrical machinery, apparatus and appliances, and electrical parts thereof booked the highest monthly growth at 21.4% followed by telecommunications and sound recording and reproducing apparatus and equipment at 21.4%.

The government however continues to flag growing downside risks over deepening macroeconomic uncertainties. “Global economic growth has lost some momentum lately. The impacts of the US-Mainland trade conflicts on Hong Kong's merchandise exports are likely to become more apparent in the coming months if the conflicts drag on or escalate,” a government spokesperson said in a statement.

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