In June, Hong Kong's goods exports experienced a remarkable growth of 10.7% year-on-year, reaching a significant total of HK$373.5 billion. Concurrently, imports also rose, climbing by 9.0% year-on-year to a total of HK$429.2 billion, according to the Census and Statistics Department (C&SD) released on Thursday.
This steady demand underscores a resilience in the face of global economic fluctuations. The C&SD highlighted that Hong Kong's exports in June "continued to post double-digit growth". They emphasized that as long as external demand remains stable, exports are expected to maintain this positive trajectory.
However, they caution that escalating geopolitical and trade tensions could cast a shadow of uncertainty over future trade outcomes. For June, the trade deficit registered at HK$55.7 billion, translating to approximately 13.0% of the total value of goods imports, according to the report. Looking at the first half of the year, Hong Kong's goods exports surged by 12.2% compared to the same period in the previous year, with imports showing a rise of 7.7%.
This resulted in a cumulative trade deficit of HK$161.0 billion, equivalent to 6.9% of imported goods. An analysis of the quarterly data reveals that when comparing the second quarter to the first, the value of exports increased by 1.9% on a seasonally adjusted basis, while imports saw a slight decline of 0.9%.
This data suggests a possible stabilization or slight rationing of purchasing power among international buyers. Dividing the exports geographically, Hong Kong's trade with Asia as a whole witnessed a robust growth of 10.7% in June. Specific country data reveals an extraordinary increase in exports to Malaysia, soaring by 36.3%, closely followed by Taiwan at 35.3%, and Vietnam at 32.1%.
Other notable growth figures include exports rising by 21.0% to Thailand, 17.9% to Singapore, and 11.9% to mainland China. However, there was a notable decline in exports to India, which fell by 23.3% year-on-year, highlighting the complexities of regional trade dynamics. On the import side, June saw particularly strong inbound shipments from Vietnam, which skyrocketed by 66.6% year-on-year.
Likewise, imports from Korea rose significantly by 40.6%. Singapore's imports also increased by 16.1%, those from Malaysia by 12.3%, and from mainland China by 11.7%. Conversely, imports from Japan exhibited a decline of 5.9%, showcasing the varied performance of key trading nations involved in Hong Kong's economy. The overall ramifications of these figures indicate a mixed but cautiously optimistic outlook for Hong Kong's trade future, as external economic conditions evolve, necessitating close monitoring by both businesses and policymakers..