Hong Kong exports soar beyond expectations

Finance | 29 Dec 2020

Victor Zhong

Hong Kong exports increased by 5.6 percent to HK$379.6 billion year on year in November measured by the value of goods, beating estimates of 1.8 percent.

Imports were up 5.1 percent at HK$405.2 billion.

The data followed growth of 0.6 percent in imports in October and a decrease of 1.1 percent in exports.

The visible trade deficit was HK$25.6 billion - equivalent to 6.3 percent of the value of the imports of goods.

The value of total exports fell by 2.8 percent in the first 11 months of the year over the same period 2019, while the value of imports dropped by 5 percent.

A visible trade deficit of HK$296.6 billion, which amounted to 7.7 percent of the value of imported goods, was recorded in the first 11 months.

Total exports to Asia saw growth of 5.7 percent last month as exports to some major destinations rose. Taiwan saw a rise of 19.4 percent, Vietnam 14.3 percent, the Philippines 10.5 percent, the mainland 8 percent and Japan 1.5 percent.

On the other hand, decreases were seen in the value of total exports to Singapore of 21.2 percent and India of 14.3 percent.

Exports to Germany and the United States saw growth of 7.1 and 1.5 percent.

Imports from South Korea jumped by 20.8 percent while it was 20.8, 19.4, 15.3, 8.1, and 4.3 percent for Taiwan, Vietnam, Singapore and the mainland.

A government spokesman said the value of merchandise exports resumed growth on a year-on-year basis in November.

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