HK's exports surge nearly 65pc in August

Hong Kong's exports experienced a remarkable surge of nearly 65% in August, marking the fastest monthly year-on-year growth in over four decades, according to data from the Census and Statistics Department released on Wednesday. The value of total exports of goods skyrocketed to an impressive HK$762.6 billion, up 64.9% compared to the previous year.

This followed a 53% increase in August. Imports also rose by 57.8% year-on-year to HK$808.9 billion last month. The trade deficit for the first nine months of the year amounted to HK$417.7 billion, or 7% of imports. Government officials attribute the city's trade performance to the continued growth of AI-related electronic products, with exports demonstrating double-digit growth for the 20th consecutive month.

The statement noted that exports to all major destinations had surged considerably. Looking ahead, Hong Kong's merchandise trade performance is expected to continue benefiting from robust AI-related investment and resilient global economic growth. However, external uncertainties such as the Middle East conflict, trade protectionist measures by major economies, and risks associated with the rapid expansion of global AI investment were highlighted as factors that require monitoring.