Import growth jumped 11.3%

As exports climbed 11.2%.

According to the Census & Statistics Department, the values of Hong Kong's total goods exports and imports rose 11.2% and 11.3% year-on-year in March.

In March, the value of total goods exports grew 11.2% over a year earlier to $291.7 billion. Within this total, the value of re-exports increased 11.3% to $286.6 billion, while the value of domestic exports rose 3.3% to $5.1 billion.

Concurrently, the value of goods imports increased by 11.3% over a year earlier to $340.9 billion. A visible trade deficit of $49.1 billion, equivalent to 14.4% of the value of goods imports, was recorded in March.

For the first quarter as a whole, the value of total goods exports rose 4% year-on-year. Within this total, the value of re-exports increased 4%, while the value of domestic exports dropped 0.9%.

Concurrently, the value of goods imports grew 4.9%. A visible trade deficit of $110.3 billion, equivalent to 12% of the value of goods imports, was recorded in the first quarter.

The value of merchandise exports rebounded in March over a year earlier, with strong growth across many Asian markets. This was partly helped by a low base of comparison last year.

Looking ahead, the external trading environment is likely to remain unsteady, with the prevailing weak final demand in advanced economies still affecting regional export activities, the department says.

Any effect of the labour dispute at the container terminal on trade flows has yet to be reflected in trade statistics, as the dispute started in late March. As such, Hong Kong's export performance may fluctuate.