Exports value hit $384.5b in March

It rose 4.7% YoY.

The value of exports rose 4.7% YoY in March to $384.5b, the Census And Statistics Department (C&SD) reported.

The total value of imported goods also increased in March, rising by 5.3% to $429.5 billion.

Despite an uptick in exports and imports, the trade deficit clocked at $45b. The trade deficit is equivalent to 10.5% of the value of imports.

On a seasonally adjusted basis, the value of exports and imports in 1Q24 rose 5.7% and 3.1%, respectively, compared to 4Q23.

The value of merchandise exports and exports to the mainland also grew in March, while exports to the US and the European Union fell.

Despite an uptick in exports and imports, the trade deficit clocked at $45b. The trade deficit is equivalent to 10.5% of the value of imports.

Hong Kong’s export performance is expected to be supported by the growing external demand despite ongoing geopolitical tensions and tight financial conditions.