Hong Kong exports up 9.7% in first quarter

HONG KONG - Hong Kong saw the value of total exports of goods in the first quarter up 9.7 percent from the same period last year, and the value of imports of goods up 10.6 percent, statistics showed on Thursday.

A visible trade deficit of HK$130 billion ($16.56 billion), equivalent to 12.1 percent of the value of imports of goods, was recorded in the first quarter, according to the Census and Statistics Departments of the government of China's Hong Kong Special Administrative Region.

Comparing the first quarter of 2018 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 3 percent. Meanwhile, the value of imports of goods rose by 3.5 percent.

In March, the value of total exports of goods gained by 8 percent over a year earlier to HK$347.7 billion, after a year-on-year increase of 1.7 percent in February.

The value of imports of goods went up by 10.7 percent over a year earlier to HK$403.2 billion in March, after a year-on-year decrease of 3.2 percent in February. A visible trade deficit of HK$55.5 billion, equivalent to 13.8 percent of the value of imports of goods, was recorded in March.

A government spokesman said merchandise exports continued to grow notably in March over a year earlier, amid a stronger global economy that kept trading and production activities broadly buoyant in Asia.

The spokesman said the prevailing broad-based momentum of the global economy should continue to provide a supportive trading environment for Hong Kong in the near term.