Benefiting from the continued control of the epidemic in some regions, the economy has been steadily recovering, and exports from Hong Kong to the Mainland have accelerated significantly. The value of Hong Kong’s total exports in September increased by 9.1% year-on-year, ending Hong Kong’s exports for six consecutive months. The downtrend.
The Census and Statistics Department of the Hong Kong Special Administrative Region Government announced earlier that the overall value of Hong Kong’s imports and exports rebounded. In August, exports fell by 2.3% year-on-year. In September, they recorded HK$379.3 billion, an increase of 9.1% year-on-year; It fell by 5.7% and recorded HK$392 billion in September, picking up its upward trend and increasing by 3.4% year-on-year, and recorded a visible trade deficit of HK$12.7 billion, equivalent to 3.2% of the value of imports of goods.
Hong Kong's total exports to Asia increase 11.2%
Hong Kong's total exports to Asia increase 11.2%
Comparing September this year with the same month last year, the value of total exports to Asia increased by 11.2%. The value of overall exports to some major destinations recorded increases, especially Mainland China (up 17%), the United States (up 5.7%), Taiwan (up 10.4%), Vietnam (up 6.9%) and South Korea (up 5.2%). The overall export value recorded declines including India (down 16.2%), Thailand (down 15.5%), Japan (down 14.4%), Singapore (down 11.2%), Germany (down 2.5%) and the United Kingdom (down 0.9%) .
During the same period, the value of imports from some major suppliers, including Taiwan (up 37.8%), Malaysia (up 20%), Singapore (up 17.1%) and South Korea (up 15.1%), recorded increases. At the same time, the value of imports from the United States (down 21.6%), Japan (down 7.4%) and the Mainland (down 0.9%) recorded decreases.
Significant increase in imports and exports of electronic products
Analyzed by major commodity categories, the overall export value of some major commodity categories recorded a year-on-year increase in September including: "electric machinery, equipment, appliances and parts" (up 28.7 billion Hong Kong dollars, up 19.7%), "office "Machines and automatic data processing equipment" (increased by HK$6 billion, or 18.1%) and "Communications, recording and audio equipment and instruments" (increased by HK$3.6 billion, or 5.7%). However, "non-metallic mineral products" (minus HK$2.8 billion, down 19.2%), "clothing and clothing accessories" (minus HK$2.2 billion, down 26.2%) and "photographic equipment, equipment and supplies, optical equipment, and watches" (Minus 1.1 billion Hong Kong dollars, down 12%) the overall export value recorded a decline.
Over the same period, the import value of some major categories of goods recorded increases, especially "electric machinery, equipment and appliances and parts" (up 23.3 billion, up 15.7%), "office machines and automatic data processing equipment" (up 44 Billion Hong Kong dollars, up 15.4%) and "essential oils and balsams and fragrances; grooming, polishing and cleaning products" (up 2.6 billion Hong Kong dollars, up 66.7%). However, “non-metallic mineral products” (down HK$4.3 billion, down 26.4%), “communication, recording and audio equipment and instruments” (down HK$3.4 billion, down 5.3%), and “miscellaneous products (mainly including jewelry, gold And silverware)” (minus HK$3.1 billion, or 13.7%) decreased in the value of imports.
The Mainland economy recovers steadily and supports Hong Kong exports in the short term
A spokesperson for the Hong Kong Special Administrative Region Government said that the significant year-on-year increase in merchandise exports in September was mainly driven by the marked acceleration of exports to the Mainland. Exports to the United States returned to moderate growth in September, while the decline in exports from the European Union narrowed sharply, reflecting the economic recovery of the two places, while exports to other major Asian markets showed mixed performance.
Looking ahead, the Mainland economy is recovering steadily, and it is expected that some support will be provided to Hong Kong's exports in the short term. However, the epidemic in some advanced markets has worsened again, bringing uncertainty to the local short-term economic prospects. Coupled with uncertainties such as the development of Sino-US relations, geopolitical tensions, and trade negotiations between the EU and the UK, it also deserves corporate attention.
