The value of Hong Kong’s total goods exports rose 7.4% year-on-year in August, while that of goods imports increased 7.7%, the Census & Statistics Department announced.
The department noted that merchandise exports grew notably further in August over a year earlier, as global demand continued to revive, thereby keeping regional trade flows vibrant. Exports to most major Asian markets registered notable growth and continued to be the key growth engine.
Total exports of goods in August amounted to HKD332.7 billion (US$42.6 billion). Within this total, re-exports increased 7.6% to HKD328.8 billion, while domestic exports decreased 2.7% to HKD3.9 billion.
The value of goods imports increased 7.7% to HKD368.2 billion.
A visible trade deficit of HKD35.5 billion, equivalent to 9.6% of the value of imports of goods, was recorded in August.
For the first eight months of 2017, the value of total exports of goods rose 8.4%. Within this total, re-exports increased 8.5%, while domestic exports went up 0.7%. The value of goods imports increased 8.6%.
Exports to Asia as a whole grew by 10.0% in value for August year-over-year. Apart from destinations in Asia, decreases were registered in total exports to some major destinations in other regions.
In the same period, increases were registered in imports from most major suppliers, particularly from within Asia.
For the first eight months of 2017 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, as well as in the values of imports from most major suppliers.
Looking ahead, the agency said the improving global economy will likely bring further support to Asia’s as well as Hong Kong’s exports in the near term.
However, uncertainties in the trading environment are still salient, as the global monetary environment could be complicated by U.S. monetary policy normalization and possible policy actions by other major central banks in the period ahead.
Moreover, the possible rise in protectionist sentiment, Brexit-related negotiations, and elevated geopolitical tensions in various regions are also sources of concern.
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