HK exports soared 2.9% in 2012

But not too impressive.

In a release, the Census and Statistics Department (C&SD) announced that the value of total exports of goods rose by 2.9% over the same period in 2011. Within this total, the value of re-exports increased by 3.2%, whereas the value of domestic exports decreased by 10.4%. Concurrently, the value of imports of goods increased by 3.9%.

A visible trade deficit of $477.8 billion, equivalent to 12.2% of the value of imports of goods, was recorded in 2012.

Here’s more:

In December 2012, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.4% over a year earlier to $311.0 billion, after a year-on-year increase of 10.5% in November 2012. Within this total, the value of re-exports increased by 14.6% to $306.0 billion in December 2012, while the value of domestic exports increased by 6.1% to $5.0 billion.

Concurrently, the value of imports of goods increased by 11.9% over a year earlier to $358.9 billion in December 2012, after a year-on-year increase of 9.0% in November 2012. A visible trade deficit of $48.0 billion, equivalent to 13.4% of the value of imports of goods, was recorded in December 2012.

Comparing the fourth quarter of 2012 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 5.5%. Within this total, the value of re-exports increased by 5.7%, whereas the value of domestic exports went down by 5.0%. Meanwhile, the value of imports of goods increased by 4.7%.

A Government spokesman noted that merchandise exports picked up to a strong year-on-year growth in December 2012, after rebounding notably in November. The faster export growth towards the year-end was seen across many major markets.