HONG KONG - The value of Hong Kong’s total exports of goods increased 12.2 percent in the first half of 2024 over the same period last year, official data showed on Thursday.

The special administrative region saw the value of imports of goods go up 7.7 percent year-on-year and a visible trade deficit of HK$161 billion ($20.63 billion), equivalent to 6.9 percent of the value of imports of goods, was recorded during the period, according to the Census and Statistics Departments.

Increases were registered during the first six months of the year in the values of total exports to Thailand (+32.1 percent), Vietnam (+23.5 percent), the Chinese mainland (+19.4 percent), the United States (+16.6 percent) and the United Arab Emirates (+13.9 percent).

In June alone, the value of total exports of goods rose by 10.7 percent over a year earlier to HK$373.5 billion, after a year-on-year increase of 14.8 percent in May. 

ALSO READ: HK exports value up 11.9% in April

During the same month, the value of imports of goods increased by 9.0 percent over a year earlier to HK$429.2 billion, after a year-on-year increase of 9.6 percent in May.   

A visible trade deficit of HK$55.7 billion, equivalent to 13.0 percent of the value of imports of goods, was recorded in June. 

Comparing last month with the same period last year, total exports to Asia as a whole grew by 10.7 percent, according to the C&SD.

Increases were recorded in the values of total exports to Malaysia (+36.3 percent), Taiwan region (+35.3 percent), Vietnam (+32.1 percent), Thailand (+21.0 percent), Singapore (+17.9 percent) and the mainland (+11.9 percent). 

Apart from destinations in Asia, increases were also registered in the values of total exports to the United States (+40.6 percent), Germany (+17.6 percent) and the Netherlands (+10.1 percent).

READ MORE: HK exports volume up 7.1% in Q1

An HKSAR government spokesman said that the value of merchandise exports continued to post double-digit growth in June over a year earlier.

Looking ahead, Hong Kong's export performance should stay positive if external demand holds up, but the escalating geopolitical and trade tensions will continue to bring uncertainties, the spokesman said, adding that the HKSAR government will monitor the situation closely.