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

HONG KONG - The value of Hong Kong's total exports increased to HK$388.7 billion (about $49.68 billion) in January, up 33.6 percent from the same month last year, according to official data released on Tuesday.

The value of imports of goods increased by 21.7 percent to HK$385.1 billion during the same period. A trade surplus of HK$3.6 billion or 0.9 percent of the value of imports, was recorded in January, the Census and Statistics Department said.

Comparing the three-month period ending January with the preceding three months on a seasonally adjusted basis, the value of exports rose 4.2 percent, while that of imports increased by 2.3 percent

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Comparing the three-month period ending January with the preceding three months on a seasonally adjusted basis, the value of exports rose 4.2 percent, while that of imports increased by 2.3 percent.

Exports to the Chinese mainland soared in January while those to the European Union fell. Those to most other major Asian markets recorded increases.

A Hong Kong Special Administrative Region government spokesman said that the value of exports jumped in January against a very low base of comparison a year ago, which was partly caused by the timing of the Lunar New Year.

He said it would be more meaningful to examine the figures for January and February combined to assess the underlying situation.

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Looking ahead, slow global economic growth and geopolitical factors will continue to affect Hong Kong's export performance in the near term, the spokesman said.