Hong Kong exports post robust growth in Oct

Hong Kong exports post robust growth in Oct

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  • Hong Kong’s exports rose 21.4% to HKD418.3 billion in October year-on-year
  • Imports expanded 17.7% to HKD448.7 billion last month
  • For the first 10 months of 2021, exports increased by 26.7% over the same period in 2020
  • Imports increased by 25.5% year-on-year in the first 10 months

Hong Kong’s goods exports and imports continued to register significant growth in October alongside the global economic recovery, official data on November 25 showed.

The values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 21.4% and 17.7%, respectively, according to the Census and Statistics Department.

The value of total exports of goods increased to HKD418.3 billion (about US$53.7 billion) in October, after a year-on-year increase of 16.5% in September, while the value of imports of goods reached HKD448.7 billion.

In October, exports to China, the United States and the European Union all grew visibly, and those to other major Asian markets showed increases of varying degrees, said a government spokesperson.

For the first 10 months of 2021 as a whole, the value of total exports of goods increased by 26.7% over the same period in 2020. Concurrently, the value of imports of goods increased by 25.5%, the data showed.

A visible trade deficit of HKD301.7 billion, equivalent to 7.0% of the value of imports of goods, was recorded in the first 10 months of 2021.

A government spokesman said merchandise exports continued to post robust year-on-year growth in October alongside the global economic recovery, though a low base of comparison also partly contributed.

“Looking ahead, the further revival of external demand should continue to support Hong Kong’s export performance in the near term. Yet, the deteriorating pandemic situation and supply bottlenecks in many places may pose a drag on global economic growth,” said the spokesperson.

Photo by Richard Lee on Unsplash

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