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Value of HK's Total Exports of Goods Up 6.4% YoY in Aug, Way Below Forecast
The Census and Statistics Department (C&SD) released today (26th) the external merchandise trade statistics for August 2024. In August 2024, the values of Hong Kong's total...
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Value of HK's Total Exports of Goods Up 6.4% YoY in Aug, Way Below Forecast
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The Census and Statistics Department (C&SD) released today (26th) the external merchandise trade statistics for August 2024. In August 2024, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 6.4% and 7.9% respectively, versus 11.5% and 9.4% year-on-year hikes as expected in exports and imports.
In August 2024, the value of total exports of goods increased by 6.4% over a year earlier to $381.3 billion, after a year-on-year increase by 13.1% in July 2024. Concurrently, the value of imports of goods increased by 7.9% over a year earlier to $414.4 billion in August 2024, after a year-on-year increase by 9.9% in July 2024. A visible trade deficit of $33.1 billion, equivalent to 8% of the value of imports of goods, was recorded in August 2024.
A Government spokesman said that the value of merchandise exports grew solidly in August 2024 over a year earlier. Exports to the Mainland, the United States and the European Union registered increases of varying degree, while those to other major Asian markets saw mixed performance.
Looking ahead, while geopolitical tensions and trade conflicts will present risks, Hong Kong's exports performance should remain positive if external demand continues to hold up.
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