The Census and Statistics Department of Hong Kong announced the trade figures of 2017. In the first quarter of 2017, Hong Kong’s economic growth accelerated to 4.3% year-on-year in real terms, from 2% for 2016. The growth of private consumption expenditure quickened to 3.7% year-on-year for the first quarter of 2017, from 1.8% for 2016. The investment expenditure increased by 6.4% year-on-year for the first quarter of 2017, after the marginal decline of 0.3% for 2016. As to the external sector, Hong Kong’s merchandise exports increased 9.4% year-on-year in January-April 2017, after a marginal decrease of 0.5% in 2016..
While imports jumped 9.8% year-on-year in January-April 2017, after dropping by 0.9% in 2016. A visible trade deficit of US$18.6 billion, equivalent to 11.4% of the value of imports of goods, was recorded in the first four months of 2017.
The UAE is Hong Kong's largest export market in the Middle East. In the first four months of 2017, Hong Kong's total exports to the UAE dropped by 9.5% YOY to US$2,209 million. Major export items included pearls, precious and semi-precious stones (US$896 million, 40.6% of total, -26.8% YOY), telecom equipment and parts (US$757 million, 34.3% of total, +37% YOY), engines and motors, non-electric, and parts (US$78 million, 3.6% of total, -20.8% YOY).
Hong Kong's imports from the UAE increased by 7.2% YOY to US$1,510 million in the same period. Major import items included jewellery (US$587 million, 38.9% of total, +41.9% YOY), pearls, precious and semi-precious stones (US$574 million, 38% of total, -18.6% YOY), telecom equipment and parts (US$118 million, 7.8% of total, +17.5% YOY).
Source: Census and Statistics Department of Hong Kong, Hong Kong Trade Development Council