Hong Kong’s exports to China rises 18.4% in Q1
Total exports for outward processing amounted to $134.6b during the quarter.
The value of Hong Kong’s total exports for outward processing in Mainland China rose 18.4% to $134.6b in the first quarter of the year.
Its imports also increased by 16% to $165.7b, whilst Hong Kong’s re-exports of Mainland origin to other places climbed 185% to $190.2b over the same period.
The Census and Statistics Department explained that exports for outward processing refers to raw materials or semi-manufactures exported from Hong Kong to Mainland for processing for a subsequent reimportation.
Imports refer to processed goods imported from China, of which raw materials were under contractual agreement exported through Hong Kong; whilst re-exports refer to goods re-exported through Hong Kong.
In the first quarter, 20.4% and 32.5% of Hong Kong’s total exports to and imports from Mainland were for outward processing, respectively.
Over the same period, 59.8% Hong Kong’s re-exports of Mainland origin were produced through outward processing in Mainland.
These dropped compared to the corresponding proportion of 24.1% of exports, 365% imports, and 64% re-exports recorded in the same quarter last year.