Goods exports ease to 50.7% growth, reaching $672.5b in July

Imports rose 41%, compared with a 45.4% increase in June.

Hong Kong’s total exports of goods jumped 50.7% year-on-year (YoY) to $672.5b in July, easing from a 53.4% increase in June, according to the Census and Statistics Department.

Imports rose 41% YoY to $677.4b, compared with a 45.4% increase in the previous month.

The city recorded a visible trade deficit of $4.9b during the month, equivalent to 0.7% of the value of imports. 

For the first seven months, exports grew 40.9%, whilst imports rose 40.6%. Hong Kong recorded a trade deficit of $299.4b over the period, equivalent to 6.8% of imports.

Exports to Asia climbed 54.6%, led by Taiwan at 95.7%, Vietnam at 77.7%, and Thailand at 63.1%. 

Shipments to Mainland China rose 56.5%, whilst exports to Singapore increased 46.5%.

Outside Asia, exports to the US surged 92.9%, whilst shipments to Mexico rose 48.9%.

Imports from most major suppliers also increased, including Korea at 146.6%, India at 110.7%, and the UK at 106.3%. 

Imports from Malaysia rose 66.7%, whilst those from the US and Mainland China grew 62.6% and 37.1%, respectively.