Significant trade increases were registered in Taiwan, the Mainland and Vietnam.
The total value of good exports rose 18.1% YoY to $350b in January with total exports to Asia growing 24.2%, according to external merchandise trade statistics from the Census and Statistics Department.
Exports to most Asian destinations registered significant growth led by Taiwan, India, the Mainland, Vietnam and Japan at 40%, 39.4%, 29%, 23% and 8% respectively.
However, exports to Korea and Thailand fell 9.1% and 3.6% respectively.
In terms of commodity, non-metallic mineral manufactures led the expansion at 43.8% to $5.2b followed by electrical machinery, apparatus and appliances, and electrical parts which rose 30.4% and office machines and automatic data processing machines which increased 27.4%.
Imports also rose 23.8% YoY to $382b over the same period led by major suppliers from Malaysia, Switzerland, India, Korea and the US.
The expansion of the global economy is set to prop up exports in the near-term but US monetary policy normalisation and geopolitical tensions pose considerable risks to Hong Kong’s trade outlook, a government spokesperson noted.
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