Hong Kong exports sustain growth in May

The value of total exports increased 24% to $393.8b in May.

The value of Hong Kong’s total exports rose 24% year-on-year to $393.8b, whilst imports of goods increased 26.5% YoY to $419.3b in May, the Census and Statistics Department (C&SD).

For the first five months of the year, the total exports of goods rose 29.4% over the same period in 2020, whilst imports climbed 25.7%, resulting in a trade deficit of $125b.

“Merchandise exports sustained robust growth in May, alongside the global economic recovery,” a government spokesman said.

“For the first five months of 2021 combined, total merchandise trade value amounted to $3.89t, surpassing the high in the same period in 2018 by 12.3%.”

Total exports to Asia grew by 26.2% with double-digit increases registered in the Philippines (+54.5%), Taiwan (+33.5), Vietnam (+28.7), India (+28.1%) and Mainland China (+26.9%). Meanwhile, exports to Japan dropped 5.3%.

Other major destination outside Asia that saw an increase is the US (+5.9%).

Moreover, increases in the value of imports were seen in Singapore (+51.2%), Taiwan (+46.5%), the US (+43.1%), Korea (+38.6%) and Mainland China (20.5%). Imports to Malaysia, however, decreased 3.5%.

For the first five months of 2021, increases were registered in the values of total exports to the UK (+126.3%), Taiwan (+42.6%), India (+37.3%) and the Mainland China (+32.6%), whilst a marginal decrease was recorded in the value of total exports to Japan (-0.1%).
 
Over the same period, increases were also recorded in the values of imports from India (+58.8%), Taiwan (+42.7%), Singapore (+34.6%), Vietnam (+31.7%), Korea (+31.0%) and Mainland China (+26.3%).

“Looking ahead, the further revival of demand from major economies should augur well for Hong Kong's export performance in the near term,” the spokesman said.  

“Yet, developments of the global pandemic and China-US relations, as well as heightened geopolitical tensions, still warrant attention.”