The value of Hong Kong’s total exports increased to $384.5 billion in March, up 4.7% on the same month last year, the Census & Statistics Department announced today.

The value of imports of goods increased 5.3% to $429.5 billion in the same period.

A trade deficit of $45 billion, or 10.5% of the value of imports, was recorded in March.

Comparing the first quarter of 2024 with the preceding quarter on a seasonally adjusted basis, the value of exports rose 5.7%, while that of imports also increased 3.1%.

The Government said that the value of merchandise exports grew further in March from a year earlier. Exports to the Mainland rose further, while those to the US and the European Union fell. Those to other major Asian markets recorded a mixed performance.

Looking ahead, it added that even though geopolitical tensions and a longer period of tight financial conditions will continue to affect Hong Kong’s export performance, the slightly better-than-expected external demand may provide some support.