Staff Reporter
Hong Kong’s total exports surged by 4.9% in 2024, with imports also seeing a modest increase of 2.6%, according to recent government statistics.
In December 2024, the volume of goods exported from Hong Kong rose by 2.3%. In contrast, imports experienced a decline, dropping by 3.6% compared to December 2023.
When examining the fourth quarter of 2024 against the previous quarter, on a seasonally adjusted basis, the volume of total exports remained nearly stable, while imports fell by 0.8%.
In December 2024, the prices of total exports increased by 2.7%, while the prices of imports rose by 2.3% compared to December 2023, according to the latest data.
For the entirety of 2024, export prices climbed by 3.6%, and import prices saw a 3.2% increase over the previous year.
The terms of trade index, which measures the ratio of the export price index to the import price index, also showed positive movement, rising by 0.4% in both December 2024 and throughout the year compared to 2023.
Notably, when comparing December 2024 with the same month in 2023, significant increases were observed in export volumes to several key markets: Vietnam (up 47.9%), mainland China (up 11.2%), and Taiwan (up 1.2%). However, exports to the United States and India declined sharply, dropping by 18.2% and 31.7%, respectively.
In terms of pricing, export prices to the United States rose by 3.4%, to the mainland by 3.3%, to Vietnam by 2.5%, and to Taiwan by 2.3%. Conversely, export prices to India fell by 3.8%.
