The government on Friday said Hong Kong's exports grew at their fastest pace in five years, rising by 33.8 percent year on year, with shipments to most markets rising visibly.

Figures released by the Census and Statistics Department showed that the total value of the city's exports stood at HK$520.6 billion in January, beating market estimates.

That annual rise also compared to the 26.1 percent yearly increase seen in the preceding month.

The latest January growth rate is also the highest in five years since 2021, when exports for the month rose by 44 percent year on year.

Imports, meanwhile, jumped 38.1 percent year on year to HK$534.7 billion during the period, compared to the 30.6 percent annual increase seen in December last year.

The latest trade figures left the city with a trade deficit of HK$14.1 billion, or about 2.6 percent of the total imports of goods last month.

Commenting on the data, a government spokesperson said that the city's exports saw a "sharp rise" last month, with outbound shipments to most markets and of most major commodities visibly increasing.

"While the low base of comparison last year amid the early arrival of Chinese New Year contributed to the strong year-on-year rise, the underlying growth momentum remained robust," the spokesperson said.

"Looking ahead, Hong Kong's merchandise trade performance will be underpinned by the sustained moderate expansion of the global economy and strong global demand for AI-related electronic products."

On a seasonally adjusted basis, exports in the three-month period ending January also picked up, rising by 9.4 percent from the preceding three-month period.

By regions, exports to Asia in January as a whole rose by 37.3 percent, with exports to the mainland up 40.6 percent year on year.

Outbound shipments to Switzerland rose by 105 percent, and that to the Netherlands were up by almost 40 percent, while that to the US were 23.3 percent higher from a year earlier.



Edited by Aaron Tam