HK exports up 5.2% in December

In contrast, imports dropped by 1.1% to $441.2b.

The total exports of goods in Hong Kong increased by 5.2% year-on-year to $406.7b in December 2024, according to the Census and Statistics Department (C&SD).

In contrast, imports dropped by 1.1% to $441.2b, resulting in a trade deficit of $34.5b, or 7.8% of imports.

For the full year of 2024, exports grew by 8.7%, reaching $4.94t, whilst imports rose by 6%, totalling $5.32t. The overall trade deficit for 2024 stood at $379.7b, or 7.7% of imports.

On a quarterly basis, total exports fell by 1.1%, and imports decreased by 0.6% in Q4 2024.

Exports to Asia increased by 9.6% in December 2024, driven by strong growth to Vietnam (+49.0%), the Philippines (+33.8%), and mainland China (+14.9%). However, exports to India (-33.2%) and Thailand (-16.3%) fell.

Exports to non-Asian markets also dropped, with the UK (-28.1%), the Netherlands (-23.6%), and the USA (-15.2%) all seeing declines.

Meanwhile, imports from Vietnam (-21.7%), South Korea (-5.0%), and mainland China (-3.1%) decreased, whilst imports from Malaysia (+53.7%) and Singapore (+12.1%) rose.

Exports of "office machines and automatic data processing machines" saw a significant rise of 52.1% or $19.4b in December.

Moreover, imports of "telecommunications and sound recording and reproducing equipment" dropped by 8.9% or $4.8b.

For the year, exports of "electrical machinery" and "office machines" increased by 10% and 32.7%, respectively. Imports of these same categories also grew by 8.6% and 37.9%, respectively.