empty
 
 

2021.01.2607:55:00UTC+00Hong Kong Export Growth Fastest Since 2018

Hong Kong's exports grew at the fastest pace in over two years in December, survey data from the Census and Statistics Department showed on Tuesday.

Exports rose 11.7 percent year-on-year in December, which was both the first double-digit growth and the fastest rate of increase since October 2018.

In November, exports rose 5.6 percent. Exports climbed for a second straight month.

Imports increased 14.1 percent year-on-year in December after a 5.1 percent rise in November. The growth was the fourth in a row and the fastest since October 2018.

On a month-on-month basis, exports grew 3.3 percent and imports rose 8.1 percent.

The visible trade deficit widened to HK$45.7 billion from HK$25.6 billion in November. In the same month a year ago, the shortfall was HK$32.4 billion.

In 2020, a year when the global trade activity was savaged by the coronavirus or Covid-19 pandemic, Hong Kong's exports shrunk 1.5 percent from the previous year and imports declined 3.3 percent.

The visible trade deficit was HK$342.2 billion versus HK$426.7 billion in 2019.

A government spokesman attributed the strong export growth in December to a further revival in import demand in many major markets.

Exports to the Mainland China accelerated notably, and those to the US and the EU also saw faster growth. Shipments to many other major Asian markets also improved.

"Looking ahead, while the Mainland economy is expected to strengthen further and render support to Hong Kong's exports, the prospects of other major markets will depend on how the pandemic situation evolves," the spokesman said.

"Evolving China-US relations under the new US administration, persistent geopolitical tensions and post-Brexit developments also warrant attention."

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback