HK exports up 53.4pc for fastest pace in decades

Hong Kong exports continued to show robust growth in June, with their value jumping 53.4 percent year on year to mark the fastest annual growth pace in decades amid a global AI boom.

Figures released by the Census and Statistics Department showed that the value of exports of goods hit HK$641.1 billion.

The increase also beats a 40.8 percent annual increase in May, when the value of total outbound shipments reached HK$611.2 billion.

Imports increased by 45.4 percent to HK$693 billion in June, after seeing an annual growth rate of 42 percent in May.

The latest figures left the city with a visible trade deficit of HK$52 billion, or about 7.5 percent of the value of imports of goods.

For the first half, the value of total exports rose by 39.1 percent year on year while imports advanced 40.6 percent.

A trade deficit of HK$294.6 billion was recorded during the period, equivalent to around 7.9 percent of total imports.

Commenting on the figures, a government spokesman said the city's merchandise exports continued to surge in June amid strong global demand for AI-related electronic products.

"Looking ahead, the robust demand for AI-related electronic products globally should render continued support to Hong Kong's merchandise trade performance," he said.

"Yet, the recent re-escalation of geopolitical tensions in the Middle East deserves attention."

By regions, the value of the city's outbound shipments to Asia as a whole jumped 54.4 percent in June, with exports to Singapore reaching around 83 percent, while those to the mainland were up by nearly 60 percent.

Shipments to the United States and Mexico soared 114.3 percent and 94.2 percent, respectively, in value.

Exports of office machines and automatic data processing machines saw the biggest annual increase in June, rising by 93.2 percent.

Edited by Tony Sabine ...