30th December 2024 – (Hong Kong) The Census and Statistics Department (C&SD) unveiled today the external merchandise trade figures for November 2024. Both Hong Kong’s total exports and imports of goods exhibited year-on-year expansions during the month, marking increases of 2.1% and 5.7% respectively.
In November 2024, the total exports of goods surged by 2.1% compared to the previous year, reaching $394.7 billion, following a 3.5% uptick in October 2024. Simultaneously, the imports of goods escalated by 5.7% year-on-year to $438.1 billion in November 2024, following a 4.5% increase in October 2024. Notably, a visible trade deficit of $43.4 billion, equivalent to 9.9% of the value of goods imports, was observed in November 2024.
For the initial 11 months of 2024, the total exports of goods rose by 9.1% compared to the same period in 2023, while imports of goods saw a 6.7% increase. A visible trade deficit of $345.1 billion, equivalent to 7.7% of goods imports value, was recorded during this period.
When comparing the three-month period concluding in November 2024 with the previous three months on a seasonally adjusted basis, total exports of goods experienced a 3.5% decline, while imports of goods decreased by 1.4%.
In November 2024 versus November 2023, total exports to Asia as a whole expanded by 3.9%. Notably, significant growth was noted in exports to key destinations such as Singapore (+78.4%), Vietnam (+42.1%), the Philippines (+39.6%), and the mainland of China (+3.9%). Conversely, reductions were observed in exports to India (-28.8%) and Thailand (-7.7%).
Outside of Asia, declines in total exports were registered to major destinations such as the Netherlands (-30.2%) and the United Kingdom (-19.7%). Import-wise, most major suppliers saw an increase in values, notably Taiwan (+38.6%), Singapore (+31.4%), and Korea (+16.4%). However, imports from Vietnam decreased by 19.6%, while imports from the Mainland remained relatively stable.
Comparing November 2024 to November 2023, increases were seen in the values of total exports of key commodity divisions, particularly in “office machines and automatic data processing machines” and “electrical machinery, apparatus, appliances, and parts thereof.”
Looking at the first 11 months of 2024, year-on-year rises were noted in the values of total exports of major commodity divisions like “electrical machinery, apparatus, appliances, and parts thereof” and “office machines and automatic data processing machines.”
A Government spokesperson highlighted the continuous growth in merchandise exports in November 2024. While exports to the Mainland and several Asian markets saw positive momentum, exports to the US and the EU faced setbacks. The future poses challenges due to global economic uncertainties and trade conflicts, although the Mainland’s economic stimulus measures are expected to offer some support. The Government remains vigilant and will closely monitor the evolving situation.
