Government expects robust demand to continue supporting trade development despite geopolitical risks
Hong Kong exports surged by 50.7 per cent year on year in July, driven by “impressive growth” in artificial intelligence-related electronic products, with the government expecting the robust demand to continue supporting trade development despite geopolitical risks.
Provisional figures released by the Census and Statistics Department on Tuesday showed that the value of exports jumped to HK$672.5 billion (US$86.2 billion) last month after a 53.4 per cent rise in June.
A government spokesman attributed July’s strong performance to growth in AI-related electronic products and a visible increase in exports to most major markets.
“Looking ahead, robust global demand for AI-related electronic products is expected to continue supporting Hong Kong’s merchandise trade performance,” the spokesman said.
However, the spokesman warned that the city must also remain wary of geopolitical risks in the Middle East and rising trade protectionism in some advanced economies.
Imports rose by 41 per cent year on year to HK$677.4 billion last month. The city still recorded a trade deficit of HK$4.9 billion, equivalent to 0.7 per cent of import value.