Hong Kong exports in March jump 35.8pc, far above expectations

Hong Kong's exports surged 35.8 percent year-on-year in March - the highest growth since January 2021, fueled by the strong global demand for artificial intelligence-related electronic products, data from the Census and Statistics Department showed on Tuesday.

The robust export figure significantly exceeded the market estimate of 13.1 percent, outpacing the increase of 24.7 percent from a month ago.

In March, the value of total exports reached HK$618.4 billion, while that of imports jumped by 41.2 percent to HK$707.5 billion.

The city recorded a visible trade deficit of HK$89.1 billion, equivalent to 12.6 percent of merchandise imports.

Combined with the first two months, the value of total exports increased by 32 percent in the first quarter, and the city's imports grew by 37 percent during the period. 

Looking ahead, the heightened geopolitical tensions in the Middle East have led to an upsurge in international energy prices, posing downside risk to the near-term global economic outlook, with potential disruptions to global trade flows and supply chains, a government spokesman said.

Nonetheless, global demand for AI-related electronic products remains robust and should provide staunch support to the performance of Hong Kong's merchandise exports, according to the department.

Last month, exports to Asian markets saw a solid growth, with exports to Singapore surging 125 percent, Malaysia by 62.3 percent, Thailand by 61.7 percent, Taiwan by 50.9 percent, and mainland China by 39.5 percent.

Exports to the United States and the Netherlands also showed strong performance, rising 80.8 percent and 37.1 percent, respectively.

In terms of major commodities, exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" increased by HK$99.8 billion, or 47.9 percent, followed by "telecommunications and sound recording and reproducing apparatus and equipment" and "non-ferrous metals", up HK$40.2 billion and HK$10.2 billion, representing growths of 94.7 percent and 175.9 percent respectively.

 

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