Hong Kong Census and Statistics Department: In January, the overall value of Hong Kong's exports and imports increased by 33.6% and 21.7% respectively compared to the same period last year.

On February 27, the Hong Kong government's Census and Statistics Department released external merchandise trade statistics for January 2024, showing that both exports and imports in Hong Kong saw year-on-year increases, rising by 33.6% and 21.7% respectively. Due to the impact of the Lunar New Year holidays falling on different days each year, the trade volume in January and February usually experiences significant fluctuations. Following a 11.0% year-on-year increase in December 2023, the overall export value of goods in January 2024 was HK$388.7 billion, up by 33.6% from the previous year. Similarly, the import value of goods in January 2024 was HK$385.1 billion, a 21.7% increase from the previous year. In January 2024, there was a trade surplus of HK$3.6 billion, equivalent to 0.9% of the value of imported goods. Seasonally adjusted figures show that over the three months leading up to January 2024, the overall export value of goods increased by 4.2%. At the same time, the import value of goods increased by 2.3%. Analysis by country/region In January 2024, compared to the same month in 2023, the overall export value of goods to Asia increased by 45.7%. Within this region, exports to most major destinations recorded increases, particularly to Mainland China (up 54.2%), India (up 51.0%), Malaysia (up 48.1%), Taiwan (up 46.8%), and Thailand (up 45.6%). Outside of Asia, exports to certain major destinations also increased, especially to France (up 38.7%) and the United States (up 11.5%). However, exports to the Netherlands decreased by 45.7%. During the same period, imports from most major supplying countries increased, notably from Thailand (up 42.6%), the United States (up 38.9%), Mainland China (up 38.6%), Vietnam (up 34.0%), and South Korea (up 28.3%). On the other hand, imports from the Philippines decreased by 25.6%. Looking at the three-month period leading up to January 2024 compared to the same period in 2023, exports to certain major destinations increased, notably to Thailand (up 44.4%), India (up 37.7%), Taiwan (up 25.2%), Mainland China (up 23.2%), and Vietnam (up 23.1%). However, exports to the Netherlands decreased by 27.7%. During the same period, imports from certain major supplying countries increased, especially from Vietnam (up 51.9%), the United States (up 18.5%), Mainland China (up 18.4%), South Korea (up 18.2%), and Thailand (up 15.3%). Conversely, imports from the Philippines decreased by 27.1%. By major commodity category In January 2024, compared to the same month in 2023, most major commodity categories saw increases in both export and import values. Particularly notable were increases in the categories of "electrical machinery, equipment and parts" (an increase of HK$55.7 billion, up 42.8%) and "communication, recording and sound equipment and instruments" (an increase of HK$10.2 billion, up 25.1%). During the same period, most major commodity categories also saw increases in import values, especially in the categories of "electrical machinery, equipment and parts" (an increase of HK$27.8 billion, up 20.6%) and "communication, recording and sound equipment and instruments" (an increase of HK$12.5 billion, up 32.5%). Looking at the three-month period leading up to January 2024 compared to the same period in 2023, most major commodity categories saw increases in export values, particularly in the categories of "electrical machinery, equipment and parts" (an increase of HK$81.7 billion, up 17.2%) and "communication, recording and sound equipment and instruments" (an increase of HK$15.4 billion, up 11.4%). During the same period, most major commodity categories also saw increases in import values, especially in the categories of "electrical machinery, equipment and parts" (an increase of HK$47.5 billion, up 9.7%) and "communication, recording and sound equipment and instruments" (an increase of HK$26.7 billion, up 20.4%). A government spokesperson noted that the sharp increase in export values in January 2024 was due to a low base of comparison from the previous year, partly influenced by the timing of the Lunar New Year. Therefore, a more accurate assessment of the situation can be made once data for February is available for analysis. In January, exports to Mainland China saw a significant increase, while exports to the United States rose noticeably and exports to the European Union decreased. Exports to most other major markets in Asia recorded increases. Looking ahead, slow global economic growth and geopolitical factors will continue to impact Hong Kong's export performance in the short term. The government will closely monitor the situation.