May Exports Value Up 24%

The value of Hong Kong's total goods exports increased to $393.8 billion in May, up 24% on the same month last year, the Census & Statistics Department announced today.

The value of imports of goods increased 26.5% to $419.3 billion for the same period.

A trade deficit of $25.5 billion, or 6.1% of the value of imports, was recorded for the month.

Comparing the three-month period ending May with the preceding three months on a seasonally adjusted basis, the value of exports dropped 0.5%, while that of imports rose 1.5%.

The Government said that merchandise exports sustained robust growth in May, alongside the global economic recovery.

Exports to the Mainland and many Asian markets continued to post visible gains, while those to the US and the European Union grew further.

The total merchandise trade value amounted to $3.8954 trillion for the first five months of the year, surpassing the high in the same period in 2018 by 12.3%, it added.

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

However, developments of the global pandemic and China-US relations as well as heightened geopolitical tensions still warrant attention, the Government noted.