This comes from a mere 3.3% export growth in June.
The value of Hong Kong’s total exports surged from a measly 3.3% in June to double-digit growth at 10% in July which translates to $359.1b, according to the Census and Statistics Department.
“[T]he value of merchandise exports registered double-digit year-on-year growth in July, supported by the still-solid global economy and buoyant regional production and trading activities,” a government spokesperson said in a statement.
Total exports to Asia remained positive after growing 10.6% YoY led by trade activity to Malaysia (44%) and Vietnam (23.3%). Exports to the Mainland, India and Korea also rose 12.8%, 11.2% and 6.8% respectively.
Exports to other major destinations including the USA and Germany also rose 10.1% and 1.8% in July.
However, export activity to Taiwan, Japan and UK fell 15.6%, 7.5% and 3.6% respectively over the same period.
Exports of electrical machinery, apparatus and appliances, and electrical parts thereof booked the largest monthly growth at 18.4% to $21.9b followed by exports of office machines and automatic data processing machines which rose 16.3% to $5.4b.
Imports also rose 14% to $406.2b in July with supplies from Malaysia ballooning 111.5%.
Despite the positive economic trajectory, the impact of the US-Mainland trade conflict remains the key risk to Hong Kong’s export performance and the impact could be more apparent later this year, the government spokesperson added.
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