Bustling hub: Hong Kong's export performance in October was broad-based, with more significant increases recorded in major markets.

Hong Kong's goods exports rose 11.6% over a year earlier to $213.5 billion in October, the third month in a row that merchandise exports recorded double-digit year-on-year growth, with the value of domestic exports up 27.6% to $15.7 billion.

The export performance was broad-based, with more significant increases recorded in such major markets as the EU, the Mainland and Japan, as well as in many other East Asian markets, including Korea, Malaysia, Thailand and Singapore.

Domestic exports picked up strongly in the past three months. If this trend continues, it could lead to more jobs for the local manufacturing workforce.

The Census & Statistics Department said the value of re-exports grew 10.5% to $197.8 billion in October, while the value of merchandise imports rose 9.7% to $210 billion. A visible trade surplus of $3.5 billion, or 1.7% of the value of merchandise imports, was recorded.

For the first 10 months of this year, the value of total goods exports went up 11.9% over the same period last year. The value of re-exports, domestic exports and merchandise imports rose 12.4%, 4.5% and 10%. The period also saw a visible trade deficit of $58.5 billion, or 3% of the value of merchandise imports.

Comparing the quarter ending October with the preceding three months, the value of total goods exports rose 3%. The value of re-exports, domestic exports and merchandise imports increased 1.4%, 32% and 2.3%.

In terms of commodities, increases were seen in the values of re-exports of many principal commodity divisions in October, in particular office machines and automatic data-processing machines (up 70.1%).

Office machines exports grow

The values of domestic exports of many principal commodity divisions also grew, in particular clothing (up 17.5%), office machines and automatic data-processing machines (273.9%) and electrical machinery, apparatus and appliances, and electrical parts (59.9%).

Regarding the values of imports, many principal commodity divisions recorded increases, in particular office machines and automatic data-processing machines (up 64.3%), electrical machinery, apparatus and appliances, and electrical parts (9%) and telecommunications and sound recording and reproducing apparatus and equipment (12.2%).

Taking this year's first 10 months together, year-on-year increases were registered in the values of re-exports of most principal commodity divisions, in particular office machines and automatic data-processing machines (up 31.4%).

Increases were also seen in the values of domestic exports of many principal commodity divisions, in particular office machines and automatic data-processing machines (up 153.9%) and electrical machinery, apparatus and appliances, and electrical parts (44.2%).

However, the value of domestic exports of clothing shrank $8.6 billion, or 16.5%.

Increases were registered in the values of imports of most principal commodities, in particular electrical machinery, apparatus and appliances, and electrical parts (up 12.3%), office machines and automatic data-processing machines (20.2%) and telecommunications and sound recording and reproducing apparatus and equipment (11.7%).

Netherlands a major domestic export destination

Analysed by countries, October saw increases in the values of re-exports to all major destinations, in particular the Netherlands (up 28.6%), Korea (20.6%), France (13.7%), the Mainland (13.6%) and Germany (10.5%).

The values of domestic exports to most major destinations also rose, in particular the Netherlands (up 255.2%), Japan (101.8%), Australia (91.2%), Singapore (55.6%) and Germany (55.4%).

Increases were also recorded in the values of imports from most major suppliers, in particular India (up 27.1%), Thailand (21.4%), Taiwan (17%), Singapore (16.7%) and  Korea (13.6%).

For the first 10 months of this year, year-on-year surges were seen in the values of re-exports to all major destinations, in particular the Netherlands (up 29.5%), France (21.7%), Germany (19.2%), the Mainland (13.6%) and the United Kingdom (11.2%). 

The values of domestic exports to many major destinations also grew, in particular Australia (up 70.7%), the Netherlands (65.3%), Japan (49.3%) and Singapore (34.1%).  However, the value of domestic exports to Germany went down 25.5%.

On the values of imports, increases were recorded from most major suppliers, in particular India (up 24.2%), Thailand (22.1%), Singapore (18%), the Mainland (14.4%) and Malaysia (10%).