Hong Kong exports jump 33.6% in January, racking up best monthly performance in 3 years

Hong Kong’s exports rose 33.6 per cent year on year in January, the best monthly performance in three years, with the government citing seasonal effects such as the Lunar New Year as factors for the increase

Growth was primarily driven by strong demand in Asia, the Census and Statistics Department said on Tuesday.

January’s exports jumped to HK$388.7 billion (US$49.8 billion), marking the fourth straight month of growth and the best monthly performance since January 2021, according to the department.

Imports rose by 21.7 per cent year on year in January to HK$385.1 billion, creating a trade surplus of HK$3.6 billion, equivalent to 0.9 per cent of imports for the month.

A government spokesman cautioned that the value of merchandise exports jumped against a very low base of comparison a year ago, which was partly due to the timing of the Lunar New Year holiday.

He said it would be more meaningful to examine the figures for January and February combined, when available, to assess the underlying situation.

Exports to mainland China, Hong Kong’s largest market, soared by 54.2 per cent in January. Those to the United States rose by 11.5 per cent, while those to the European Union fell. Exports to Asia surged 45.7 per cent year on year in the month.

“Looking ahead, slow global economic growth and geopolitical factors will continue to affect Hong Kong’s export performance in the near term,” the spokesman said. “The government will monitor the situation closely.”