Hong Kong's November 2024 Trade Statistics Show Export and Import Growth

External merchandise trade statistics for November 2024

The Census and Statistics Department (C&SD) released today (December 30) the external merchandise trade statistics for November 2024. In November 2024, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 2.1% and 5.7% respectively.

In November 2024, the value of total exports of goods increased by 2.1% over a year earlier to $394.7 billion, after a year-on-year increase by 3.5% in October 2024. Concurrently, the value of imports of goods increased by 5.7% over a year earlier to $438.1 billion in November 2024, after a year-on-year increase by 4.5% in October 2024. A visible trade deficit of $43.4 billion, equivalent to 9.9% of the value of imports of goods, was recorded in November 2024.

For the first 11 months of 2024 as a whole, the value of total exports of goods increased by 9.1% over the same period in 2023. Concurrently, the value of imports of goods increased by 6.7%. A visible trade deficit of $345.1 billion, equivalent to 7.7% of the value of imports of goods, was recorded in the first 11 months of 2024.

Comparing the three-month period ending November 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.5%. Meanwhile, the value of imports of goods decreased by 1.4%.

Analysis by country/territory

Comparing November 2024 with November 2023, total exports to Asia as a whole grew by 3.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular Singapore (+78.4%), Vietnam (+42.1%), the Philippines (+39.6%) and the mainland of China (the Mainland) (+3.9%). On the other hand, decreases were recorded in the values of total exports to India (-28.8%) and Thailand (-7.7%).

Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-30.2%) and the United Kingdom (-19.7%).

Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Taiwan (+38.6%), Singapore (+31.4%), Korea (+16.4%), the Philippines (+8.8%) and Malaysia (+8.3%). On the other hand, a decrease was recorded in the value of imports from Vietnam (-19.6%). Meanwhile, the value of imports from the Mainland remained virtually unchanged.

For the first 11 months of 2024 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+27.1%), Thailand (+22.5%), the Mainland (+15.7%) and the USA (+11.0%). On the other hand, a decrease was recorded in the value of total exports to India (-16.2%).

Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Korea (+32.8%), Vietnam (+29.9%), Singapore (+18.9%), the Mainland (+7.1%) and Malaysia (+6.9%). On the other hand, a decrease was recorded in the value of imports from the Philippines (-6.4%).

Analysis by major commodity

Comparing November 2024 with November 2023, increases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $10.6 billion or +28.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $9.9 billion or +5.2%).

Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $24.6 billion or +13.9%) and "office machines and automatic data processing machines" (by $18.0 billion or +67.8%).

For the first 11 months of 2024 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $183.8 billion or +10.2%) and "office machines and automatic data processing machines" (by $114.1 billion or +30.8%).

Over the same period of comparison, year-on-year increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $164.3 billion or +9.0%) and "office machines and automatic data processing machines" (by $120.0 billion or +41.7%).

Commentary

A Government spokesman said that the value of merchandise exports continued to record growth in November 2024 over a year earlier. Exports to the Mainland rose further, and those to many Asian markets saw increases of varying degree. Meanwhile, those to the United States and the European Union fell back.

Looking ahead, increased global economic uncertainties and escalation of trade conflicts would pose challenges to Hong Kong's export performance, though the Mainland's various measures to boost its economy should provide some support. The Government will monitor the situation closely.

Further information

Table 1 presents the analysis of external merchandise trade statistics for November 2024. Table 2 presents the original monthly trade statistics from January 2021 to November 2024, and Table 3 gives the seasonally adjusted series for the same period.

The values of total exports of goods to 10 main destinations for November 2024 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.

Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for November 2024.

All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for November 2024 will be released in mid-January 2025.

The November 2024 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2024 and will be available in early January 2025. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230).

Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).

Notes exchange service and electronic lai-see for Chinese New Year

The following is issued on behalf of the Hong Kong Monetary Authority:

​As the Chinese New Year draws near, the Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited and Bank of China (Hong Kong) Limited) today (January 2) announced that new notes and good-as-new notes, i.e. used notes which are in good condition and suitable for use as lai-see, will be available for exchange at branches of the three note-issuing banks from January 14 (Tuesday) to January 28 (Tuesday).

The HKMA encourages the public to use electronic channels including the Faster Payment System available via online or mobile banking, or other e-wallet services for giving lai-see. Giving electronic lai-see is simple and convenient, and will contribute to sustainable development by reducing the usage of physical red packets and banknotes. Major banks and electronic payment operators will encourage giving electronic lai-see by various promotional programmes. The public may refer to the details of these programmes as and when announced by banks and operators.

The three note-issuing banks will put in place appropriate measures to facilitate the notes exchange, including:

(1)

Advancing the opening hour to 8am on the first 3 days of the service period, i.e. January 14 (Tuesday) to January 16 (Thursday), and dedicating the aforesaid additional operation hours, i.e. 8am to 9am, exclusively for providing the notes exchange service;

(2)

Offering online booking service for both new notes and good-as-new notes starting from January 7 (Tuesday), details of which will be announced by individual note-issuing banks within next week; and

(3)

Putting in place crowd management measures such as distributing physical tickets and implementing queue management when needed.

​Members of the public who desire to use cash for giving lai-see may wish to check for any remaining stock of new notes or good-as-new notes at home before going to a bank. Also, there is no need to rush to exchange for new notes and good-as-new notes during the first few days of the service period as banks will ensure the supply of these notes throughout the service period.