Exports value climbs 33.6% YoY to $388.7b in January 2024

The pace of increase has picked up.

The value of exports rose at a faster pace in January 2024, rising 33.6% YoY to $388.7b.

In December 2023, the value of exports increased 11.0% YoY.

Most principal commodity divisions registered increases in export value led by "electrical machinery, apparatus and appliances, and electrical parts thereof" (+$55.7b or +42.8% YoY) and "telecommunications and sound recording and reproducing apparatus and equipment" (+$10.2b or +25.1% YoY).

Data from the Census & Statistics Department (C&SD) also showed that total exports to Asia grew by 45.7% YoY.

Apart from destinations in Asia, increases were registered in the value of total exports to some major destinations in other markets, particularly France (+38.7%) and the USA (+11.5%). 

The value of imports of goods likewise increased in December, rising by 21.7% YoY to $385.1b.

With the uptick in exports and imports, the trade surplus clocked in at $3.6b. The trade surplus is equivalent to 0.8% of the value of imports.

The government noted that the value of merchandise exports jumped in January 2024 against a very low base of comparison a year ago, partly caused by the timing of the Lunar New Year.