Hong Kong's exports have grown for 18 straight months, with the Census and Statistics Department reporting August total merchandise export value at HK$436.6 billion on Tuesday (Sept. 25) – a 14.5% year-on-year increase, outpacing the 13.9% forecast. The growth is driven by revived exports to the Mainland, ASEAN, Europe, and the US, as well as strong demand for key goods such as machinery and electrical equipment. August imports also rose 11.5% year-on-year to HK$462 billion.
A government spokesman said Asia's (especially the mainland's) economic growth and Hong Kong's closer trade ties will sustain trade performance, but US trade policies will weigh on short-term global trade prospects.
Gary Wan, the Principal Economist and Strategist at Dah Sing Financial Group, attributed the better-than-expected export rise to faster growth in major Asian markets and a rebound in US-bound exports (due to a low base), offsetting slower growth in the Mainland and Taiwan region. He estimated 2025 exports may grow by around 10%, as exporters explore new Asian and Southeast Asian markets amid uncertain China-US trade.
Chinese Manufacturers' Association president Wingco Lo noted slowing export growth to Asia in August, signaling a fading "rush-to-export" effect. He expects near-term export growth to cool and shift to low single-digit growth next year amid external uncertainties, urging businesses to diversify markets and supply chains.
Key market data showed August exports to Asia up 12.6% (Malaysia +73.6%, Vietnam +54.3%), while exports to the Netherlands (+65.7%), UK (+55.8%), and US (+17.3%) also rose. Top growing product categories included electrical machinery (+15.7%) and communications equipment (+23.9%).
Related News:
Population Census to be conducted next year, with test survey occurring from April 2025
Comment