The value of Hong Kong’s total exports of goods increased 5.2 percent year-on-year to HK$406.7 billion ($52.2 billion) in December 2024 after rising 2.1 percent in November, according to official data released on Monday.

The value of goods imports decreased 1.1 percent year-on year to HK$441.2 billion last month. A visible trade deficit of HK$34.5 billion, equivalent to 7.8 percent of the value of imports of goods, was recorded during the period, data from the Census and Statistics Department showed.

For 2024 as a whole, the value of total exports increased by 8.7 percent over 2023. Concurrently, the value of imports also increased by 6.0 percent.

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Comparing December 2024 with December 2023, total exports to Asia as a whole grew by 9.6 percent, the department said.

Increases were registered in the values of total exports to some major destinations, in particular Vietnam (+49.0 percent), the Philippines (+33.8 percent) and the Chinese mainland (+14.9 percent).

On the other hand, decreases were recorded in the values of total exports to India (-33.2 percent) and Thailand (-16.3 percent).

A Hong Kong Special Administrative Region government spokesman said that the value of merchandise exports continued to grow in December over a year earlier.

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He said exports to the mainland expanded visibly and those to the European Union turned to an increase.

Looking ahead, uncertainties in the external environment, in particular trade conflicts, may weigh on the SAR’s export performance, the spokesman said.

Yet, the various measures introduced by the central government to boost the mainland economy should provide support, he added.