Exports value rises 11% YoY to $386.4b in December 2023

The pace of increase has picked up.

The value of exports rose at a faster pace in December 2023, rising 11% YoY to $386.4b.

In November, the value of exports increased 7.4% YoY.

Most principal commodity divisions registered increases in export value led by  "professional, scientific and controlling instruments and apparatus" (+$7.9b or +84.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (+$7.8b or +18.7%).

Data from the Census & Statistics Department (C&SD) also showed that total exports to Asia grew by 10.9% YoY.

Apart from destinations in Asia, increases were registered in the value of total exports to some major destinations in other markets, particularly  India (+46.1%), Thailand (+39.9%), Taiwan (+39.1%), Vietnam (+26.5%) and the mainland of China (the Mainland) (+8.4%).

The value of imports of goods likewise increased in December, rising by 11.6% YoY to $446.3b.

With the uptick in exports and imports, the trade deficit clocked in at  $59.9b. The trade deficit is equivalent to 13.4% of the value of imports.

The government noted that the value of merchandise exports recorded a year-on-year increase against a low base of comparison. 

In the near term, the government said factors like heightened geopolitical tensions and slowing global economic growth will continue to weigh on Hong Kong's export performance.