ECONOMY | Staff Reporter, Hong Kong

Exports weather through trade woes after rising 13.1% to $376.3b in August

This extends a 10% growth recorded in July.

The value of Hong Kong’s total exports continued to book double-digit growth after rising 13.1% YoY to $376.3b in August despite escalating trade tensions between the US and China, according to the Census & Statistics department.

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Total exports to Asia remained positive after growing by 12% led by trade activities to Malaysia (42.5%), Vietnam (21.5%), India (18.2%), the Mainland (13.6%), Thailand (8.9%) and Singapore (7.8%). Exports to the United Kingdom and USA also surged 31.2% and 17.9%.

Also read: California embraces Hong Kong market as trade war squeezes export options

In terms of commodity, exports of electrical machinery, apparatus and appliances, and electrical parts thereof surged 21.2% to $26.1b in August followed by telecommunications and sound recording and reproducing apparatus and equipment which picked up by 9.9% to $6.5b over the same period.

Imports also rose 16.4% to $428.5b in August.

Despite the positive monthly performance, a government spokesperson cautions that escalating tensions between the US and China could easily halt export activity. 

Also read: Trade war could cut 1% of Hong Kong GDP

“[W]hilst the impacts of the US-Mainland trade conflicts on Hong Kong's exports were seemingly limited thus far, they are likely to turn visible in the period ahead. If the trade conflicts are to escalate further, the global economy and Hong Kong's exports would face more notable downward pressures.”

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