FX.co ★ Hong Kong Exports Jump 14.3% in July

In July, Hong Kong experienced a year-on-year increase of 14.3% in exports, totaling $446.3 billion. This marks a significant acceleration from the 1.9% rise recorded in June. Notably, exports to Asian markets surged by 19.3%, with exceptional growth reported in Taiwan (up 91.9%), Malaysia (up 80.7%), Singapore (up 42.5%), Vietnam (up 42.1%), the Philippines (up 16.5%), and mainland China (up 16.1%). In contrast, exports to non-Asian countries showed a downturn, particularly in the United States (down 7.6%) and the Netherlands (down 42.1%).

Analysing by product category, there was an overarching increase across several sectors. Exports of electrical machinery and apparatus rose by 22.8% compared to 20.2% in June. Telecommunications, sound recording, and reproducing equipment saw a significant increase of 32.0%, up from 2.6%. Additionally, power generating machinery and equipment exports went up by 29.9% following a 19.3% rise previously, while non-ferrous metals saw a 47.8% increase, although slightly down from an 80.8% surge earlier.

Conversely, some sectors experienced a decline in exports. Office and automatic data processing machines fell by 4.4%, down from a 10.4% increase in the previous month. Miscellaneous manufactured articles saw a decrease of 5.7%, contrasting with an 8.9% gain earlier. Exports of scientific and precision instruments decreased by 0.8%, improving from a 9.2% contraction, and non-metallic mineral goods experienced a sharper decline of 18.1%, compared to an 8.3% fall previously.