Hong Kong’s exports rose by 14.7 per in April against a year ago, following an 18.5 per cent jump in March, a result the government has attributed to sustained growth of the mainland Chinese economy and the city’s efforts to strengthen ties with diverse markets amid the Sino-US trade war.
But economists cautioned on Monday that momentum could weaken in the coming months as exporters currently rushing to fulfil orders would face reduced demand when tariffs went back up.
According to the Census and Statistics Department, the value of exports reached HK$434.5 billion (US$55.4 billion) in April, up from the HK$378.8 billion recorded in the same month a year ago. Imports jumped by 15.8 per cent, year on year, to HK$450.5 billion.
The latest figures followed a 90-day pause in the trade war earlier this month, when the US agreed to cut tariffs on Chinese exports from 145 per cent to 30 per cent, and China reduced duties on American goods from 125 per cent to 10 per cent.
Last month, exports to the mainland and many other Asian markets grew notably, while those to the United States saw a marginal increase and shipments to the European Union declined, authorities noted.
Shipments to the United States saw only a marginal year-on-year increase of 1 per cent in April, reaching HK$27.9 million. While this figure was 10.8 per cent higher than the HK$25.8 million recorded in March, that month itself recorded a 11.4 per cent year-on-year jump for US-bound shipment, according to government statistics.
Billy Mak Sui-choi, an associate professor at the department of accountancy, economics and finance at Baptist University, said he expected a contraction in exports to the US in the coming months, while the robust growth achieved by Asian markets in April might not be maintained.
