|HK December exports hit HK$ 311b as pace picks up
Hong Kong's merchandise exports increased at a faster rate in December, defying economists' expectations for slower growth, latest data showed Thursday.
Overall shipments advanced 14.4 percent on an annual basis to HK$310.96 billion in December, following the previous month's 10.5 percent growth, the Census and Statistics Department said.
Shipments to Asia, including Taiwan, Thailand and the mainland, grew nearly 15 percent. Shipments to the US expanded by 12.8 percent.
But exports to Malaysia slumped by 21.3 percent and to India fell by 9 percent
The government said today the value of total exports of goods increased by 14.4 percent over a year earlier, after a year-on-year increase of 10.5 percent in November 2012.
Re-exports increased by 14.6 percent to HK$306 billion in December, while domestic shipments increased by 6.1 percent to US$5 billion.
Economists had forecast slower export growth of 9.2 percent for December.
Imports in December grew 11.9 percent year-on-year to HK$358.91 billion after rising 9 percent in November.
Economists had projected an 8.3 percent gain. Month-on-month, imports gained 2 percent.
The trade deficit narrowed to HK$47.95 billion in December, from the HK$48.91 billion shortfall recorded a year earlier.
"The re-acceleration of the mainland economy should render a stabilising force to cushion against the relatively weak final demand of the advanced economies," a government spokesman said. "Yet we should stay vigilant to the downside risks stemming from the fragile fundamentals of the advanced economies to global trade flows."