Hong Kong exports grew by 1.4 per cent year on year in October, ending 17-month decline, but authorities warn challenges to persist amid geopolitical tensions
- Growth driven by improvement in trade with mainland China and US, with total value of goods sold abroad reaching HK$379.9 billion last month
- Financial Secretary Paul Chan warns exports expected to decline in future, adding economic growth in 2024 will be slower compared with this year
Hong Kong exports have grown by 1.4 per cent year on year in October, marking an end to a 17-month contraction as trade with mainland China and the United States has increased, but the city government has warned challenges will persist amid heightened geopolitical tensions.
The value of goods sold abroad rose to HK$379.9 billion (US$48.7 billion) last month, with imports increasing by 2.6 per cent to HK$405.6 billion, resulting in a trade deficit of HK$25.8 billion, the Census and Statistics Department revealed on Monday.
But Hong Kong logged an 11 per cent decline in exports during the first 10 months of this year compared with the same period in 2022. The city last recorded an expansion in exports in April last year.
Financial Secretary Paul Chan Mo-po, at the Hong Kong Financial Forum 2023 earlier in the day, warned exports would decline in the future.
Chan said a number of participants at the Asia-Pacific Economic Cooperation summit held earlier this month in San Francisco agreed that economic growth in 2024 would be slower compared with this year.
The Hong Kong government earlier lowered its growth forecast for the city’s gross domestic product this year to 3.2 per cent from 4 to 5 per cent.
A government spokesman said there had been a modest year-on-year rise in exports last month, but the overall performance largely remained weak as there was a notable fall in trade with the European Union, despite an increase with the mainland and the United States.