The value of Hong Kong's total goods exports and imports recorded year-on-year increases in November, the Census & Statistics Department said today.

Comprising re-exports and domestic exports, the value of total exports rose 1.3% to $234.1 billion compared with the same period last year, after a year-on-year decrease of 13.1% in October.

During November, the value of re-exports grew 1.9% to $228.6 billion, whereas the value of domestic exports fell 19.4% to $5.5 billion.

The value of goods imports grew 6.5% over a year earlier to $254.8 billion, after a year-on-year fall of 10.7% in October. A visible trade deficit of $20.7 billion, equivalent to 8.1% of the value of goods imports, was recorded.

US, UK record dips

Total exports to Asia as a whole grew 8% on November 2008. Strong increases were seen in the value of total exports to Vietnam (37.2%), Taiwan (18.3%), South Korea (16.9%), India (16.7%) and the Mainland (8.9%).

Decreases were registered in the value of total exports to some major destinations, particularly the US (-12%), the UK (-10.6%), Singapore (-7.3%) and Germany (-0.6%).

Increases were seen in the value of imports from all major suppliers, particularly India (+41.2%), Taiwan (+29.1%), Germany (+23.1%), Thailand (+17.9%), South Korea (+16.7%) and the Mainland (+2.4%).

Asian markets fare well

The department said merchandise exports continued to improve in November, registering the first year-on-year increase since October 2008. Asian markets continued to fare better than the US and EU markets.

It said the global economy's ongoing recovery, albeit at a slow and gradual pace, should continue to be conducive to world trade and hence Hong Kong's trade performance in the coming months.

Global economic prospects, particularly those for the advanced economies, are still subject to considerable uncertainty, leaving the external trading environment challenging.