HONG KONG – The value of Hong Kong’s total exports of goods rose 3.5 percent year-on-year to HK$393 billion ($50.5 billion) in October, according to official data released on Tuesday. 

The value of goods imports of the Hong Kong Special Administrative Region also rose 4.5 percent year-on year to HK$424 billion last month.

A visible trade deficit of HK$31 billion, equivalent to 7.3 percent of the value of imports of goods, was recorded during the period, data from the Census and Statistics Department showed. 

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An HKSAR government spokesman said that the value of merchandise exports continued to grow in October over a year earlier, with exports to the Chinese mainland, the United States and the European Union seeing increases.

For the first 10 months of 2024, the value of total exports increased by 9.9 percent over the same period in 2023 while the value of imports increased by 6.8 percent.

Total exports to Asia grew by 5.3 percent, with increases recorded in the values of total exports to the Philippines (+36.1 percent), Vietnam (31.3 percent), Thailand (21.8 percent), Malaysia (20.8 percent) and the mainland (8.6 percent).

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Looking ahead, increased global economic uncertainties and the possible escalation of trade conflicts would pose challenges to Hong Kong's export performance, the HKSAR government spokesman said.

However, the mainland's various measures to boost its economy should provide support to demand for goods exported from Hong Kong, he added.