The Zhitong Finance App learned that on April 25, foreign merchandise trade statistics released by the Statistics Department of the Hong Kong Government showed that in March 2024, Hong Kong's overall export and import values both recorded year-on-year increases of 4.7% and 5.3%, respectively.

Following a 0.8% year-on-year decline in February 2024, the overall export value of goods in March 2024 was 384.5 billion yuan, up 4.7% from the same month of 2023. Meanwhile, after recording a 1.8% year-on-year decline in February 2024, the value of imported goods in March 2024 was 429.5 billion yuan, up 5.3% from the same month of 2023. A tangible trade deficit of 45 billion yuan was recorded in March 2024, equivalent to 10.5% of the value of imported goods.

The overall export value of commodities in the first quarter of 2024 increased by 11.9% compared to the same period in 2023. At the same time, the value of imported goods increased by 8.0%. A tangible trade deficit of 83.6 billion yuan was recorded in the first quarter of 2024, equivalent to 7.3% of the value of imported goods.

Seasonally adjusted figures show that as of the first quarter of 2024 compared to the previous quarter, the overall export value of goods increased by 5.7%. At the same time, the value of commodity imports increased by 3.1%.

Analysis by country/region

Compared with March 2024 and the same month of 2023, the overall value of exports to Asia increased by 8.1%. Within this region, increases were recorded in the overall value of exports to some major destinations, particularly Vietnam (up 41.6%), Thailand (up 20.6%), Malaysia (up 18.6%), and mainland China (up 12.1%). Meanwhile, overall export values to Taiwan, China (down 22.3%) and India (down 17.9%) recorded declines.

In addition to destinations in Asia, the overall value of exports to most major destinations in other regions recorded declines, particularly the United Kingdom (down 31.5%), Germany (down 15.5%), and the US (down 5.4%).

Over the same period, the value of imports from most major suppliers recorded increases, particularly South Korea (up 67.5%), Vietnam (up 53.0%), Thailand (up 25.2%), Singapore (13.6%), and mainland China (4.1%). Meanwhile, the value of imports from India (down 14.6%) and Taiwan (down 5.9%) recorded declines.

Compared with the same period of 2023, the first quarter of 2024 recorded increases in the overall value of exports to some major destinations, particularly Thailand (up 38.8%), the United Arab Emirates (up 20.8%), Mainland China (up 20.2%), Vietnam (up 17.7%), and India (up 12.9%). On the other hand, the overall value of exports to the Netherlands (down 27.8%) recorded a decline.

Over the same period, the value of imports from some major suppliers recorded increases, particularly South Korea (up 58.4%), Vietnam (up 37.9%), Thailand (up 19.6%), Singapore (up 15.3%), the United States (up 13.9%), and mainland China (up 9.8%). On the other hand, the value of imports from India (down 11.6%) recorded a decline.

Analysis by main product categories

Compared with March 2024 and the same month of 2023, the overall export value of some major commodity categories recorded increases, particularly “electrical machinery, instruments and equipment and parts” (up 8.7 billion yuan, up 4.8%) and “communication, recording and audio equipment and instruments” (up 5.7 billion yuan, up 14.2%).

Over the same period, import values for most major categories of goods recorded increases, particularly “electrical machinery, instruments and appliances and parts” (up 10.6 billion yuan, up 5.8%) and “communications, recording and audio equipment and instruments” (up 7.5 billion yuan, up 18.3%).

Compared with the first quarter of 2024 and the same period in 2023, the overall export value of some major commodity categories recorded increases, particularly “electrical machinery, instruments and equipment and parts” (up 60.9 billion yuan, up 13.7%) and “communication, recording and audio equipment and instruments” (up 19.5 billion yuan, up 16.9%).

Over the same period, imports of most major categories recorded increases in import values, particularly “electrical machinery, instruments and appliances and parts” (up 44.3 billion yuan, up 9.9%) and “communications, recording and audio equipment and instruments” (up 16.6 billion yuan, up 14.2%).

A Hong Kong government spokesman said that the value of commodity exports continued to increase year-on-year in March 2024. Exports to mainland China increased further, while exports to the US and the European Union fell. Export performance to other major Asian markets was mixed.

Looking ahead, the geopolitical tension and tight financial conditions will continue to affect Hong Kong's export performance even though external demand is better than expected and may provide some support. The Government will keep a close eye on the situation.