January saw the value of total goods exports rise to $207.4 billion, up 9.2% on the same month last year. The figure comes after a year-on-year rise of 13.7% in December.

Within this total, the value of re-exports grew 12.5% to $199 billion, while the value of domestic exports fell 35.8% to $8.4 billion.

Concurrently, the value of imports of goods rose 14.1% over a year earlier to $211.8 billion, after a year-on-year increase of 14.5% in December. A visible trade deficit of $4.4 billion, equivalent to 2.1% of the value of imports of goods, was recorded in January.

Comparing the three-month period ending January with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose 2.2%.  Within this total, the value of re-exports grew 3.2%, while the value of domestic exports fell 17.5%. Meanwhile, the value of imports of goods rose 0.8%.

Noting merchandise exports attained notable growth in January, the Census & Statistics Department said the year-on-year growth that month might have been boosted by the difference in timing of the Lunar New Year holiday, which fell in late January last year but in mid-February this year.

Because trade figures tend to be volatile in the first two months of the year, it is necessary to analyse the trade figures for January and February combined for a clearer picture of trade performance.

Looking ahead, the trade outlook for the near term largely depends on how the global economic environment will evolve and also on whether the exchange rate factor will continue to be favourable.