Hong Kong’s exports in July surged 11.1 pct year-on-year to 265.1 bln hkd, after declining 0.6 pct in June, the government said.

Of the total, the value of re-exports increased by 12.4 pct to 256.4 bln hkd, while domestic exports decreased 16.3 pct 8.8 bln hkd.

Imports of goods rose 15.4 pct over a year earlier to 284.6 bln hkd in July, after a year-on-year increase of 1.3 pct in June.

A trade deficit of 19.5 bln hkd, equivalent to 6.8 pct of the value of imports of goods, was recorded in July.

A government spokesman noted that exports re-accelerated to double-digit growth in July after a slight dip in June.

However, the outlook for the rest of the year continues to be clouded by uncertainties surrounding the global economic environment, he said.

Weakness in the US economy is expected to continue to weigh on Hong Kong’s export performance, he said.

An increasingly apparent slowdown in Europe also requires close monitoring, he said.

Hong Kong’s exports to Asia as a whole grew by 13.2 pct in July.

Within this region, exports to India were strongest, growing 25.6 pct; followed by Vietnam, up 22.0 pct; Korea, up 15.7 pct; Malaysia, up 14.9 pct; Singapore, up 14.7 pct; and mainland China, up 13.0 pct.

Exports to most major destinations in other regions also increased, including Germany, up 21.4 pct; the Netherlands, up 7.7 pct; and the United Kingdom, up 4.1 pct.

However, exports to the US declined 1.0 pct.

Exports in most principal segments registered increase in July, with shipments of telecommunications and sound recording and reproducing equipment up 36.6 pct.

Shipments of electrical machinery, apparatus and appliances, and electrical parts grew 10.0 pct.

(1 usd = 7.8 hkd)

Source: http://www.afxnews.com

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