Global demand revival drives HK’s robust goods trade

Global demand revival drives HK’s robust goods trade

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  • Hong Kong’s total exports and imports of goods both recorded double-digit increases in July
  • Exports to the mainland, US and EU all increased markedly, and those to many other Asian markets also saw visible expansions
  • For the first seven months, merchandise trade amounted to HKD5,616.8 billion, surpassing the high in the same period in 2018 by 13.1%

The values of Hong Kong’s total exports and imports of goods both recorded double-digit increases in July year-on-year, helped by the continued revival of global demand, according to the latest Census and Statistics Department’s external merchandise trade statistics.
 
Total exports of goods increased by 26.9% last month from a year earlier to HKD417.0 billion, after a year-on-year increase of 33.0% in June 2021.

Concurrently, the value of imports of goods increased by 26.1% over a year earlier to HKD451.9 billion in July 2021, after a year-on-year increase of 31.9% in June 2021.

A visible trade deficit of HKD35.0 billion, equivalent to 7.7% of the value of imports of goods, was recorded in July 2021.

Exports to the mainland, the US and the EU all increased markedly, and those to many other Asian markets also saw visible expansions.
 
Comparing July 2021 with July 2020, total exports to Asia as a whole grew by 26.9%. In this region, increases were registered in the values of total exports to most major destinations, in particular Korea, Taiwan, India, the Philippines and China.
 
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the US (+26.1%).
 
Over the same period, increases were registered in the values of imports from most major suppliers, in particular India, Korea, Singapore and the US. The value of imports from the mainland also increased by 25.7%.
  
For the first seven months of 2021, total merchandise trade value amounted to HKD5,616.8 billion, surpassing the high in the same period in 2018 by 13.1%.

The value of total exports of goods in the first seven months increased by 29.5% over the same period in 2020. Concurrently, the value of imports of goods increased by 26.7%. A visible trade deficit of HKD200.8 billion, equivalent to 6.9% of the value of imports of goods, was recorded for the period.
 
Looking ahead, a government spokesperson said the ongoing global economic recovery should remain supportive of Hong Kong’s export performance in the near term. Yet, the resurgence of the COVID-19 epidemic in many economies due to the spread of the Delta variant has heightened the uncertainty over the global economic outlook. Other developments including China-US relations and geopolitical tensions also warrant attention.

Photo by Manson Yim on Unsplash

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