This Aug 2, 2023 photo shows part of the dock complex at Kwai Tsing in Hong Kong. (SHAMIM ASHRAF / CHINA DAILY)

HONG KONG - The values of Hong Kong's total exports and imports of goods grew 11 percent and 11.6 percent respectively in December, official data showed Thursday.

The value of total exports of goods increased year-on-year to HK$386.4 billion ($49.43 billion) in December while the value of imports rose to HK$446.3 billion, according to data from the Census and Statistics Department of the Hong Kong Special Administrative Region government.

A visible trade deficit of HK$59.9 billion, equivalent to 13.4 percent of the value of imports of goods, was recorded in December 2023

A visible trade deficit of HK$59.9 billion, equivalent to 13.4 percent of the value of imports of goods, was recorded in December 2023.

ALSO READ: HK exports volume up 1.5% in November

For 2023 as a whole, the value of total exports of goods decreased by 7.8 percent over 2022. Concurrently, the value of imports of goods decreased by 5.7 percent. A visible trade deficit of HK$467.6 billion, equivalent to 10.1 percent of the value of imports of goods, was recorded last year.

Comparing the fourth quarter of 2023 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 3.3 percent while the value of imports of goods increased by 2.6 percent.

A Hong Kong Special Administrative Region government spokesman said that the value of merchandise exports recorded a year-on-year increase in December 2023 against a low base of comparison.

Exports to the Chinese mainland and the United States rose visibly, and those to the European Union registered a marginal increase. Those to other major Asian markets recorded mixed performance, the spokesman said.

READ MORE: Hong Kong's exports, imports rise over 7% in Nov

For 2023 as a whole, year-on-year decreases were registered in the values of total exports to most major destinations, in particular Singapore (-21.4 percent), Japan (-17.7 percent), Taiwan region (-9.9 percent), the Chinese mainland (-9.7 percent) and Korea (-9.5 percent).

On the other hand, an increase was recorded in the value of total exports to the United Arab Emirates (+8.9 percent).

Looking ahead, factors including heightened geopolitical tensions and slowing global economic growth will continue to weigh on Hong Kong's export performance in the near term. The government will monitor the situation closely, the spokesman added.