The value of Hong Kong's total goods exports increased to 393.8 billion HK dollars (about 50.72 billion U.S. dollars) in May, up 24% on the same month last year, the Hong Kong Special Administrative Region (HKSAR) government announced Monday. According to figures released by the Census and Statistics Department of the HKSAR government, the value of imports of goods increased 26.5% to 419.3 billion HK dollars for the same period. A trade deficit of 25.5 billion HK dollars, or 6.1% of the value of imports, was recorded for the month.
Comparing the three-month period ending May with the preceding three months on a seasonally adjusted basis, the value of exports dropped 0.5%, while that of imports rose 1.5%. The HKSAR government said that merchandise exports sustained robust growth in May, alongside the global economic recovery. Exports to the mainland and many Asian markets continued to post visible gains, while those to the United States and the European Union grew further. Looking ahead, the further revival of demand from major economies should augur well for Hong Kong's export performance in the near term, it said.