May saw the value of total exports of goods rise to $238.9 billion, up 10.3% on the same month last year, the Census & Statistics Department says.

Within this total the value of re-exports grew 11.3% to $230.8 billion while the value of domestic exports fell 12% to $8.1 billion.

Concurrently the value of imports of goods rose 15.4% over a year earlier to $266.4 billion in May. A visible trade deficit of $27.5 billion, equivalent to 10.3% of the value of imports of goods, was recorded.

For this year's first five months as a whole the value of total exports of goods rose 11.2% over the same period last year. Within this total the value of re-exports grew 11.9%, whereas the value of domestic exports fell 4.8%.

The department said the vibrant Mainland market and other emerging markets, as well as the solid expansion of the European market, have offset the decline in exports to the US market.

The department forecast the external trading environment will continue to face resistance from the slower growth of the major advanced economies, the ongoing global financial turbulence, and the negative effect on demand in Hong Kong's major markets because of high commodity prices.

The department said it will monitor the impact of the macro-tightening measures on the Mainland. The robust growth momentum in the region should provide support to Hong Kong's trade performance.