Hong Kong's external merchandise trade up in December

Total volume of exports and imports rose by 11.6% and 13.7%, respectively.

The volume of Hong Kong’s total exports of goods rose by 11.6%, whilst imports went up to 13.7% in December 2020 from the same period last year, the Census and Statistics Department (C&SD) reported.

Data showed a double-digit increase of total export to Taiwan at 25.1%, followed by Vietnam at 22.5%, Mainland China at 16.6%, United States at 3.9%, and Japan at 3.8%.

Moreover, import volume to Korea was recorded at 37.3%, Taiwan at 30%, China at 16.6%, Singapore at 15.9%, and Japan at 9.1%.

C&SD noted the total volume also increased by 4.8% in exports and 6.3% in imports from the third quarter of 2020 on a seasonally adjusted basis, but each declined by 0.8% and 2.6% when comparing FY2020 with FY2019 data.

Prices of external merchandise trade also saw an increase of 0.4% between December 2019 and December 2020.

Price change between 2019 and 2020 data, meanwhile, declined by 0.6% for exports and 0.7% for imports.

Total export prices to Taiwan and China also recorded increases of 2.8% and 1.4%, respectively, from December 2019 to December 2020. In contrast, export prices to United States, Japan, and Vietnam decreased by -0.1%, -1.9% and -3.2%, respectively.

The C&SD noted in a January statement the prospects of major markets would likely depend on how the pandemic unfolds even as the economy of Mainland China is expected to further strengthen and render support for Hong Kong.

The Hong Kong government will also closely monitor China’s relations with the United States under the Biden administration among other developments.