Global economic recovery to boost Hong Kong trade

Total value of exports and imports rose 24.4% and 25.2% in April. 

The continued recovery of the global economy is expected to boost Hong Kong’s export, which saw a 24.4% year-on-year increase to $384.9b in April.

The total value of imports also climbed 25.2% to $416.7b over the same month last year, according to the Census and Statistics Department. A visible trade deficit worth $31.8b was recorded during the month.

“Looking ahead, the sustained revival of the global economy should continue to render support to Hong Kong's export performance in the near term,” a government spokesman said.

“Yet, the evolving pandemic situation, along with other risk factors such as China-US relations and geopolitical tensions, still warrant attention.” 

Total exports of goods increased 30.8% in the first four months over the same period last year; whilst total imports increased 25.5%. A visible trade deficit of $99.1b was recorded.

Exports in Asia grew by 22.8% with increases in major destinations, such as India (+168.6%), the Philippines (+106.6%), Taiwan (+35.7%) and Vietnam (+33.1%).

The value of total exports to Mainland of China and the US also increased by 20.5% and 22.6%, respectively; whilst Japan decreased by 14.9%.

“Merchandise exports grew strongly on a year-on-year basis in April, with exports to many major markets showing visible gains,” the spokesman also said.

“For the first four months of 2021 as a whole, the value of total merchandise trade was way higher than the previous high recorded in the same period in 2018, reflecting vibrant trading activities amid a sharp rebound in external demand.”

Meanwhile, the C&SD also recorded increases in the value of imports from India (+288.0%), Taiwan (+44.2%), Korea (+36.9%), Vietnam (+27.5%), the Mainland (+21.1%) and Japan (+21.1%). A decrease of 11.2% was registered in Malaysia.

Moreover, increases were seen in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $40.4 billion or 30.0%), "non-metallic mineral manufactures" (by $8.7 billion or 204.5%), and "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or 18.0%) amongst others.

A decrease was registered in the value of total exports of "power generating machinery and equipment" (by $1.3 billion or -16.7%). 

The C&SD also registered in the values of imports "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $39.9 billion or 27.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.0 billion or 34.1%), and "non-metallic mineral manufactures" (by $8.7 billion or 134.2%). A decrease was registered in the value of imports of "power generating machinery and equipment" (by $2.9 billion or -29.4%).