Author Name: Dion Suen
The Census and Statistics Department (C&SD) (October 27) released the external merchandise trade statistics for September 2020. In September 2020, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 9.1% and 3.4% respectively.
In September 2020, the value of total exports of goods increased by 9.1% over a year earlier to $379.3 billion, after a year-on-year decrease of 2.3% in August 2020. Concurrently, the value of imports of goods increased by 3.4% over a year earlier to $392.0 billion in September 2020, after a year-on-year decrease of 5.7% in August 2020. A visible trade deficit of $12.7 billion, equivalent to 3.2% of the value of imports of goods, was recorded in September 2020.
Comparing September 2020 with September 2019, total exports to Asia as a whole grew by 11.2%. In this region, increases were registered in the values of total exports to some major destinations, in particular the mainland of China (the Mainland) (+17.0%), Taiwan (+10.4%), Vietnam (+6.9%) and Korea (+5.2%). On the other hand, decreases were recorded in the values of total exports to India (-16.2%), Thailand (-15.5%), Japan (-14.4%) and Singapore (-11.2%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-2.5%) and the United Kingdom (-0.9%). On the other hand, an increase was recorded in the value of total exports to the USA (+5.7%).
Hong Kong Government spokesman said that merchandise exports turned to a notable year-on-year increase in September, mainly led by the visible acceleration in exports to the Mainland. Exports to the US reverted to moderate growth and those to the EU saw a much narrowed decline in September, thanks to the economic recovery in these markets. Exports to other major Asian markets showed mixed performance.
Looking ahead, the solid recovery of the Mainland economy will likely render some support to Hong Kong’s exports in the near term. Yet, in some advanced markets the resurgence of COVID-19 infections has cast uncertainty over their near-term outlook. The development of China-US relations, geopolitical tensions and the EU-UK trade negotiations also warrant attention.
Source: http://ow.ly/bjal50Cg91x
