January 28, 2022
HONG KONG – The values of Hong Kong’s total exports and imports of goods grew 26.3 percent and 24.3 percent respectively last year, official data showed Thursday.
A visible trade deficit of HK$347.1 billion (about $44.55 billion), equivalent to 6.5 percent of the value of imports of goods, was recorded in 2021, according to data from the Census and Statistics Department of the Hong Kong Special Administrative Region government.
For 2021 as a whole, total merchandise trade value amounted to about HK$10.27 trillion, surpassing the high in 2018 by 15.6 percent.
In December, the value of total exported goods rose 24.8 percent to HK$489.5 billion after a year-on-year increase of 25 percent in November. At the same time, the value of imported goods rose by 19.3 percent to HK$522.3 billion over a year earlier.
For 2021 as a whole, total merchandise trade value amounted to about HK$10.27 trillion, surpassing the high in 2018 by 15.6 percent
A government spokesperson pointed out the increase was supported by the global economic recovery, with exports to the mainland, the US and the EU all expanding notably, while those to other major Asian markets also showed increases of varying degrees.
Year-on-year increases were also registered in the value of total exports of most principal commodities.
Electrical machinery, apparatus and appliances, and electrical parts ranked first, recording an increase of HK$560.8 billion. Office machines and automatic data processing machines followed with growth of HK$132.7 billion.
Looking ahead, while the global economic recovery should continue to support Hong Kong’s exports, pandemic-induced disruptions in logistics may pose some pressures on the export performance in the near term, the government said.
The expected slower pace of global economic growth, China-US relations, geopolitical tensions, as well as the monetary and fiscal policies in major economies also warrant attention, it added.