The value of Hong Kong's total exports increased to $386.4 billion in December 2023, up 11% on the same month in 2022, the Census & Statistics Department announced today.

The value of goods imports rose 11.6% to $446.3 billion for the same period.

A trade deficit of $59.9 billion, or 13.4% of the value of imports, was recorded for the month.

For 2023 as a whole, the value of total exports dropped 7.8% over 2022 and that of imports decreased 5.7%. A trade deficit of $467.6 billion, or 10.1% of the value of imports, was recorded in the year.

Comparing the fourth quarter of 2023 with the preceding quarter on a seasonally adjusted basis, the value of total exports increased 3.3% while that of goods imported rose 2.6%.

The Government noted that the value of merchandise exports recorded a year-on-year increase against a low base of comparison. Exports to the Mainland and the US rose visibly, and those to the European Union registered a marginal increase. Those to other major Asian markets recorded mixed performance.

Looking ahead, it added that factors including heightened geopolitical tensions and slowing global economic growth will continue to weigh on Hong Kong's export performance in the near term.