Hong Kong experienced a shift in its trade balance from a deficit in the prior year to a surplus in January, as exports amplified at a faster pace than imports, according to data released Tuesday by the Census and Statistics Department.
The overall trade surplus in January amounted to HK$3.6 billion, stance contrasting from the same period last year when there was a deficit of HK$25.4 billion. The deficit in December was a staggering HK$59.9 billion. This visible trade surplus of HK$3.6 billion corresponded to 0.9% of the import value.
In January, there was a notable annual increase in exports of 33.6%, a substantial leap from the 11.0% hike recorded in December. Export growth throughout Asia was significant, increasing by 45.7%. This growth was primarily influenced by Mainland China, which experienced a 54.2% rise, while India also saw a surge in shipments by 51.0%.
Beyond the Asian territory, exports to France witnessed a sharp rise, escalating by 38.7%. Primarily, export growth was observed in areas including electrical machinery, appliances, and related parts, as the data showcased.
In January, imports demonstrated a robust annual increase of 22.7%, significantly exceeding the 11.6% rise noted in the preceding month.
A government representative expressed that ongoing slow global economic growth coupled with geopolitical factors will persist in influencing Hong Kong's export performance in the near future.
