The overall value of Hong Kong's exports and imports increased by 3.5% and 4.5%, respectively, in October

The Zhitong Finance App learned that on November 26, foreign merchandise trade statistics released by the Statistics Department of the Hong Kong Special Administrative Region Government showed that in October 2024, Hong Kong's overall export and import values recorded year-on-year increases of 3.5% and 4.5%, respectively.

Following a 4.7% year-on-year increase in September 2024, the overall export value of goods in October 2024 was HK$393 billion, up 3.5% from the same month of 2023. Meanwhile, after recording a 1.4% year-on-year increase in September 2024, the value of goods imported in October 2024 was HK$424 billion, up 4.5% from the same month of 2023. A tangible trade deficit of HK$31 billion was recorded in October 2024, equivalent to 7.3% of the value of imported goods.

The overall export value of commodities in the first ten months of 2024 increased by 9.9% compared to the same period in 2023. At the same time, the value of imported goods increased by 6.8%. A tangible trade deficit of HK$301.7 billion was recorded in the first ten months of 2024, equivalent to 7.5% of the value of imported goods.

Seasonally adjusted figures show that the overall export value of commodities decreased by 3.7% in the three months ended October 2024 compared to the previous three months. At the same time, the value of imported goods fell by 0.4%.

Compared with October 2024 and the same month of 2023, the overall value of exports to Asia increased by 5.3%. Within this region, increases were recorded in the overall value of exports to some major destinations, particularly the Philippines (up 36.1%), Vietnam (up 31.3%), Thailand (up 21.8%), Malaysia (up 20.8%), and Mainland China (Mainland) (up 8.6%). On the other hand, overall export values to India (down 34.3%) and South Korea (down 15.0%) recorded declines.

In addition to destinations in Asia, the overall value of exports to some major destinations in other regions recorded declines, particularly the United Kingdom (down 38.0%) and the Netherlands (down 14.5%). On the other hand, the overall value of exports to the US (up 5.8%) recorded an increase.

Over the same period, the value of imports from some major suppliers recorded increases, particularly Malaysia (up 32.4%), the United States (up 23.1%), the Philippines (up 21.7%), Taiwan (up 18.2%), Singapore (15.6%), and the Mainland (up 2.6%). On the other hand, the value of imports from Thailand (down 19.8%) recorded a decline.

Compared with the same period of 2023, the first ten months of 2024 recorded increases in the overall value of exports to some major destinations, particularly Thailand (up 26.4%), Vietnam (up 25.6%), the Mainland (up 17.1%), and the US (up 12.3%). On the other hand, the overall value of exports to India (down 14.7%) recorded a decline.

Over the same period, the value of imports from most major suppliers recorded increases, particularly Vietnam (up 37.6%), South Korea (up 35.0%), Singapore (17.3%), the Mainland (up 7.9%), and Malaysia (6.8%). On the other hand, the value of imports from the Philippines (down 7.8%) recorded a decline.

Compared with October 2024 and the same month of 2023, an increase in the overall export value of some major commodity categories was recorded, particularly electrical machinery, instruments and tools and parts (up HK$17.8 billion, up 10.4%).

Over the same period, imports of some major categories recorded increases in import values, particularly electrical machinery, instruments and appliances and parts (up HK$12.9 billion, up 7.3%) and office machinery and automatic data processing equipment (up HK$10.6 billion, up 36.6%).

Compared with the same period of 2023, the first ten months of 2024 recorded increases in the overall export value of some major commodity categories, particularly electrical machinery, instruments and tools and parts (up HK$173.8 billion, up 10.8%) and office machinery and automatic data processing equipment (up HK$103.5 billion, up 31.1%).

Over the same period, imports of some major categories recorded increases in import values, particularly electrical machinery, instruments and appliances and parts (up HK$139.8 billion, up 8.5%) and office machinery and automatic data processing equipment (up HK$102 billion, up 39.0%).

A government spokesman said that the value of commodity exports continued to increase year-on-year in October 2024. Exports to the Mainland, the US and the European Union increased, while export performance to other major Asian markets was mixed.

Looking ahead, increasing uncertainties in the global economy and trade frictions are likely to heat up, which will challenge Hong Kong's export performance, but the Mainland's many economic boosting measures should support demand for Hong Kong's exports. The Government will keep a close eye on the situation.