The volume of Hong Kong's exports rose by 9.8 percent in May compared to the previous year, with the total value of exports increasing by 4.5 percent, according to the Census and Statistics Department.
Export volumes to Vietnam, the US, and mainland China climbed by 31.2 percent, 21.3 percent, and 15.8 percent respectively year-on-year. In contrast, exports to Taiwan and India decreased by 2.6 percent and 14.3 percent respectively.
South Korea and Singapore also imported more commodities from Hong Kong in May, with the volume of goods transported to these countries jumping by 48.6 percent and 25.5 percent respectively compared to the same period in 2023.
Economic Growth Forecasts and Trade Dynamics
New research indicates that potential tariffs on exports could significantly impact economic growth. A study suggests that new tariffs could reduce the annual growth rate substantially, with notable effects on gross domestic product (GDP) due to drops in exports, consumption, and investment.
Despite these potential challenges, the economies of China and Hong Kong are projected to grow by 5.3 percent and 3.5 percent respectively, according to the ASEAN+3 Macroeconomic Research Office. Growth in industry and services sectors is helping to offset weaknesses in other areas, such as the property market, with investment particularly strong in high-tech manufacturing.
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