February saw the value of total exports of goods rise to $184.4 billion, up 7.6% on the same month last year, the Census & Statistics Department says.

Within this total the value of re-exports rose 7.8% to $178.1 billion, while the value of domestic exports grew 1.1% to $6.3 billion.

Concurrently the value of imports of goods surged 11.9% over a year earlier to $200.2 billion. A visible trade deficit of $15.8 billion, equivalent to 7.9% of the value of imports of goods, was recorded.

Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year holiday, the value of total exports of goods rose 12.1% over the same period last year.

Within this total the value of re-exports grew 12.5%, while the value of domestic exports increased by 0.9%. The value of imports of goods grew 14.6%. A visible trade deficit of $23.3 billion, equivalent to 5.2% of the value of imports of goods, was recorded in the first two months.

Exports to Asia rise

Exports to Asia grew 15% in February over a year earlier. Strong increases were registered in the values of total exports to India (126.6%), Vietnam (42.1%), Thailand (30.2%), Indonesia (20.1%), Malaysia (18.2%) and the Mainland (14%).

Increases were also registered in the values of total exports to other major destinations outside Asia, particularly Germany (+10.1%).

Distinct falls were registered in the values of total exports to some major destinations, particularly the UK (15.9%) and the US (12.5%).