July 2024 Sees Hong Kong Exports Rising by 13.1%
Amidst the gradual pace of economic growth in Hong Kong, there was a rise in Hong Kong exports in July 2024. The Census and Statistics Department of Hong Kong recently released the external merchandise trade statistics for July 2024. In July 2024, Hong Kong’s total exports and imports of products increased year on year by 13.1% and 9.9%, respectively.
The month also saw a $21.8 billion trade deficit, or 5.3% of total imports. On a seasonally adjusted basis, Hong Kong’s exports increased by 1% in the three months ended July, while its imports increased by 0.2%.
Overall exports to Asia increased by 15.7% between July 2024 and July 2023. The total Hong Kong export value in this region rose by double digits to specific significant destinations, including Malaysia, mainland China, Vietnam, Thailand, and the Philippines. Aside from Asian countries, total export values increased to other regions, most notably the European Union and the United States.
The commodities exported compared to July 2024 and July 2023 included electrical machinery, apparatus, appliances, electrical parts, office machinery and automatic data processing machines.
The Hong Kong government has noted and will monitor the situation closely, assuming that foreign demand remains steady. The exports are expected to perform well, though risks could arise from trade disputes and geopolitical instability.
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