In July 2024, Hong Kong witnessed a remarkable surge in exports, reaching HK$390.4 billion, reflecting a 13.1% increase compared to the same month in the previous year. This data, reported by the Census and Statistics Department (C&SD), highlights the growing demand for Hong Kong goods, particularly from key markets in Asia and the United States.
In comparison, June exports had shown a more modest growth of 10.7%. Import activity also remained robust, with imports totaling HK$412.3 billion in July, marking a 9.9% increase year-over-year. The previous month had shown import growth at 9%, indicating a stable trend in Hong Kong’s trade dynamics.
For the first seven months of 2024, the overall performance of Hong Kong's goods exports was promising, rising by 12.4% compared to the same period in 2023, whereas imports saw an increase of 8.0%. These figures reinforce Hong Kong’s status as a vital trading hub, where trade statistics often serve as a key barometer for the health of international commerce.
Analyzing the regional exports further, Hong Kong's goods exports to Asia experienced an impressive increase of 15.7% year-on-year. Notably, exports to Malaysia soared by an astounding 39.2%, while mainland China saw a 23% increase, followed by Vietnam, Thailand, and the Philippines, which recorded rises of 21.7%, 20.2%, and 19.2%, respectively.
However, it wasn't all positive, as exports to India declined significantly by 27.9%, alongside a 16.8% drop in exports to Singapore. In contrast, goods exports to the United States demonstrated strong performance, climbing by 19.7% over the previous year’s figures. On the imports front, there were substantial increases noted from several countries, with Vietnam leading at 52.2%, followed closely by Korea with 50.6% and Singapore at 19.6% for the month of July.
A detailed breakdown by product category indicated that electrical machinery, apparatus and appliances recorded a noteworthy increase of 12.6% in outbound shipments during the first seven months of 2024, with office machines and automatic data processing machines showing a dramatic rise of 31% year-on-year, per data from the C&SD.
Looking ahead, the C&SD remains cautiously optimistic about Hong Kong's trade outlook in 2024, suggesting that if external demands remain strong, exports are likely to keep performing positively. Nonetheless, they also warned of potential risks stemming from geopolitical tensions and ongoing trade conflicts that could impact the trade landscape..