Hong Kong's exports performed well in July, with shipments rising for the 17th month in a row.

The 14.3 percent year-on-year gains beat market expectations, although shipments to the United States and the European Union continued to fall.

Official figures released by the Census and Statistics Department on Tuesday showed that the value of the city's total exports of goods stood at HK$446.3 billion for the month, compared with the HK$417.8 billion in June when the annual growth rate was 11.9 percent.

Imports increased for a seventh consecutive month, up by 16.5 percent year over year to HK$480 billion, a growth rate that was much higher than the 11.1 percent seen in June. They were also better than market estimates.

The latest trade figures left the city with a visible trade deficit of HK$34.1 billion, or about 7.1 percent of the value of imported goods for the month.

Commenting on the figures, a government spokesperson noted that the city's export performance "held up well", with shipments to the mainland and a majority of other Asian markets "rising notably further", although those headed for the United States and the European Union continued to decline.

Exports to Asia last month grew by 19.3 percent year over year, including a 91.9 percent increase to Taiwan and an 80.7 percent rise to Malaysia.

Exports decreased by 42 percent to the Netherlands and by 7.6 percent to the United States.

Looking ahead, the government expects economic growth in Asia, especially the mainland, to be steady, saying the city's strengthened economic and trade ties with various markets offer a boost to the city's foreign trade.

"Yet, the United States' elevated tariff rates and lingering uncertainty surrounding its tariff policy may begin to weigh on international trade flows in the near term," the spokesperson said, adding that the government will closely monitor the situation.

For the first seven months of the year as a whole, total exports rose by 12.7 percent while total imports advanced by 13.2 percent.

The city's trade deficit, meanwhile, stood at HK$218.6 billion, or about seven percent of the total imports of goods during the period.