The overall export value of Hong Kong in January increased by 33.8% year-on-year, exceeding expectations

The external merchandise trade statistics released today by the Census and Statistics Department show that in January this year, the overall export and import values of Hong Kong both recorded year-on-year increases, rising by 33.8% and 38.1% respectively, compared to market expectations of increases of 23.8% and 24.9%.

Following a year-on-year increase of 26.1% recorded in December last year, the overall export value of goods in January this year was HKD 520.6 billion, an increase of 33.8% compared to the same month last year. At the same time, following a year-on-year increase of 30.6% recorded in December last year, the overall import value of goods in January this year was HKD 534.7 billion, an increase of 38.1% compared to the same month last year. A tangible trade deficit of HKD 14.1 billion was recorded in January this year, equivalent to 2.6% of the import value of goods.

In January this year compared to the same month last year, the overall export value to Asia increased by 37.3%. Within this region, the overall export value to several major destinations recorded increases, particularly to Taiwan (up 88.8%), Malaysia (up 81.1%), Mainland China (up 40.6%), Singapore (up 32.4%), Thailand (up 31.1%), and Vietnam (up 31.0%).

Apart from destinations in Asia, the overall export value to most major destinations in other regions recorded increases, particularly to Switzerland (up 105.1%), the Netherlands (up 39.5%), and the United States (up 23.3%).

During the same period, the import value from most major supply sources recorded increases, particularly from Vietnam (up 129.8%), India (up 125.1%), South Korea (up 75.0%), Mainland China (up 46.6%), and Singapore (up 42.8%).

For the three months ending January this year compared to the same period last year, the overall export value to most major destinations recorded increases, particularly to Malaysia (up 96.3%), Taiwan (up 70.2%), the UAE (up 66.4%), Thailand (up 47.5%), and Mainland China (up 26.8%).

During the same period, the import value from most major supply sources recorded increases, particularly from Vietnam (up 133.6%), India (up 81.2%), Mainland China (up 34.7%), the UK (up 31.1%), and South Korea (up 22.3%).

In January this year compared to the same month last year, the overall export value of most major commodity categories recorded increases, particularly in "Electrical machinery, instruments and appliances and parts" (up HKD 71.6 billion, up 39.4%) and "Telecommunications, recording and sound equipment and instruments" (up HKD 24.2 billion, up 51.9%).

During the same period, the import value of most major commodity categories recorded increases, particularly in "Electrical machinery, instruments and appliances and parts" (up HKD 76.2 billion, up 44.8%) and "Telecommunications, recording and sound equipment and instruments" (up HKD 34.2 billion, up 80.0%) A government spokesperson stated that the value of goods exports recorded a significant increase in January, soaring 33.8% year-on-year. Exports to most markets and major commodity categories have clearly risen. Although the earlier arrival of last year's Lunar New Year resulted in a lower comparison base, boosting this year's year-on-year comparison, the fundamental growth momentum remains robust. After seasonal adjustment, the value of goods exports for the three months ending in January accelerated to a 9.4% increase compared to the previous three months.

Looking ahead, Hong Kong's goods trade performance will benefit from the continued moderate expansion of the global economy and strong demand for artificial intelligence-related electronic products worldwide. Meanwhile, the government will remain vigilant regarding the evolution of trade policies in the external environment