HONG KONG (TVBS News) — According to figures issued on Thursday (April 25) by the Census and Statistics Department, Hong Kong's trade with its main Asian partners climbed in March, but trade with Taiwan and India fell.
In March 2024, Hong Kong's goods exports were HK$3,845 billion, up 4.7% from last year. The value of goods imports was HK$4,295 billion, up 5.3%. This resulted in a trade deficit of HK$450 billion.
Exports to Asia increased by 8.1%, with significant increases to Vietnam (up 41.6%), Thailand (up 20.6%), Malaysia (up 18.6%), and mainland China (up 12.1%). However, exports to Taiwan and India fell by 22.3% and 17.9% respectively.
Exports to traditional markets in Europe and America declined, with the UK down 31.5%, Germany down 15.5%, and the US down 5.4%.
Imports from major Asian suppliers generally increased, with South Korea up 67.5%, Vietnam up 53%, Thailand up 25.2%, Singapore up 13.6%, and mainland China up 4.1%. However, imports from India and Taiwan fell by 14.6% and 5.9% respectively.
A government spokesperson said that geopolitical tensions and tight financial conditions will continue to affect Hong Kong's export performance.