A container ship sails under the Stonecutters Bridge near Kwai Tsing Container Terminals in Hong Kong on May 14, 2019. (PHOTO / AFP)

HONG KONG - The value of Hong Kong's total goods exports rose to HK$379.9 billion ($48.76 billion) in October, up 1.4 percent year-on-year, the Census and Statistics Department said Monday.

The value of imports of goods also rose 2.6 percent over a year earlier to HK$405.6 billion after a year-on-year decrease of 0.4 percent in September. A visible trade deficit of HK$25.8 billion, equivalent to 6.3 percent of the value of imports of goods, was recorded in October.

A SAR govt spokesman said the difficult external environment amid heightened geopolitical tensions and tight financial conditions will continue to weigh on Hong Kong's export performance in the near term

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Comparing the three-month period ending in October with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 5.8 percent. The value of imports of goods also increased by 4.8 percent.

But in the first 10 months of 2023, the value of total exports of goods decreased by 11.0 percent over the same period in 2022. Concurrently, the value of imports of goods also decreased by 8.6 percent.

A Hong Kong Special Administrative Region government spokesman said in a statement that while the value of exports turned to a modest year-on-year increase in October, overall export performance largely remained weak.

Exports to the Chinese mainland and the United States rose, while those going to the European Union continued to fall notably. Exports to other major Asian markets recorded mixed performance.

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Looking ahead, the spokesman said the difficult external environment amid heightened geopolitical tensions and tight financial conditions will continue to weigh on Hong Kong's export performance in the near term. He said the SAR government will monitor the situation closely.