Exports post larger-than-expected increase
Hong Kong's foreign trade increased more than expected in May, with the growth pace for imports marking the fastest in nearly one and a half years. Photo: RTHK
Hong Kong's foreign trade expanded more than expected last month despite the imposition of unilateral tariffs by Washington, with increasing shipments to Asia offsetting a drop in exports to the United States and European Union.
Figures released by the Census and Statistics Department on Thursday showed the value of exports grew by 15.5 percent year on year to HK$434.1 billion.
That compared with a 14.7 percent increase in April, and was higher than market expectations of a 12.5 percent rise.
The value of shipments to Asia continued to rise, up by 21.8 percent year on year, with the standouts being to Japan, which almost doubled, and Malaysia and Taiwan, which jumped about 55 percent each.
Shipments to Vietnam were also strong, with the value rising 41 percent, while those to India and the mainland saw increases of 35 percent and 17.6 percent respectively.
Exports to the UK, however, plunged by 52 percent, while those to South Korea and the United States decreased by 25.6 percent and 18.4 percent respectively.
Imports, meanwhile, also grew more than expected last month, rising by 18.9 percent year on year to HK$461.4 billion.
That marked the largest growth since January last year, and was much higher than the 13 percent rise expected by markets.
The latest figures left the SAR with a trade deficit of about HK$27.3 billion, or about 5.9 percent of the value of imports.
Commenting on the data, a government spokesperson said the latest export figures have shown resilience, although shipments to the European Union turned to moderate growth.
"Looking ahead, the sustained steady growth in the mainland economy and Hong Kong's enhanced economic and trade ties with different markets should render support to trade performance," the spokesperson said, adding that the government will stay vigilant to increased geopolitical tensions and uncertain trade policies.
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