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HK Jun Value of Total Exports of Goods Post Eased Growth to 10.7% YoY, Behind Forecast
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The Census and Statistics Department (C&SD) released the external merchandise trade statistics for June 2024. In June 2024, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 10.7% and 9.0% respectively, versus street consensus of rises of 13.1% and 4.1%. In June 2024, the value of total exports of goods increased by 10.7% over a year earlier to $373.5 billion, after a year-on-year increase by 14.8% in May 2024. Concurrently, the value of imports of goods increased by 9.0% over a year earlier to $429.2 billion in June 2024, after a year-on-year increase by 9.6% in May 2024. A visible trade deficit of $55.7 billion, equivalent to 13.0% of the value of imports of goods, was recorded in June 2024. Comparing June 2024 with June 2023, total exports to Asia as a whole grew by 10.7%. In this region, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+36.3%), Taiwan (+35.3%), Vietnam (+32.1%), Thailand (+21.0%), Singapore (+17.9%) and the mainland of China (the Mainland) (+11.9%). On the other hand, a decrease was recorded in the value of total exports to India (-23.3%). A Government spokesman said that the value of merchandise exports continued to post double-digit growth in June 2024 over a year earlier. Exports to the Mainland, the United States and the European Union all grew visibly. Those to many other major Asian markets saw increases of varying degree. Looking ahead, Hong Kong's export performance should stay positive if external demand holds up, but the escalating geopolitical and trade tensions will continue to bring uncertainties. AAStocks Financial News |
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