Hong Kong exports jump 17pc in January

Hong Kong’s exports increased by 17.6 per cent in January over a year earlier to HK$304.8 billion, the government said on Monday.

The growth followed a 14.4 per cent year-on-year increase in December.

Within January’s total, the value of re-exports reached HK$300.3 billion – up by 17.5 per cent from the same month last year. Domestic exports rose 21.7 per cent to HK$4.5 billion year-on-year.

Imports also rose 23.9 per cent over a year earlier, to HK$332.3 billion in January. This led to a trade deficit of HK$27.5 billion – equivalent to 8.3 per cent of the value of imports

January’s deficit was down from a deficit of HK$47.9 billion in December.

The Census and Statistics Department said Asia saw a notable increase in Hong Kong’s exports but the United States and European markets were lacklustre.

Comparing January 2013 with January 2012, total exports to Asia as a whole grew by 25.2 per cent. In particular, Taiwan rose by 59 per cent, Singapore increased 30.4 per cent, Vietnam was up by 29.9 per cent and the mainland grew 29 per cent.

Exports to the US shrank by 0.9 per cent while Germany and Britain rose by 2.2 per cent and 0.5 per cent, respectively.

The department spokesman said January’s growth was partly boosted by the different timing of the Lunar New Year, which fell in January last year but in February this year.

Looking ahead, the spokesman said Hong Kong could benefit from an increasingly firmer momentum in the mainland’s economy. But he warned subpar economic growth and the fragile fundamentals of the US and Europe could pose uncertainties, affecting the city’s exports.