Shipping containers are seen stacked on top of each other at a cargo terminal in Hong Kong on July 18, 2020. (ISAAC LAWRENCE / AFP)

HONG KONG - The values of Hong Kong's total exports grew by 5.6 percent year on year and its imports by 5.1 percent correspondingly in November. 

In November, the value of total exports of goods stood at HKS$379.6 billion, after a year-on-year decrease of 1.1 percent in October 2020, according to a government press release. 

A government spokesman was quoted as saying in the press release that the year-on-year growth in the value of merchandise exports in November mainly reflected an improved external trading environment

At the same time, the value of imports of goods increased by 5.1 percent over a year earlier to HK$405.2 billion in November 2020, after a year-on-year increase of 0.6 percent in October. The city posted a trade deficit of HK$25.6 billion, equivalent to 6.3 percent of the value of imports of goods in November.

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A government spokesman was quoted as saying in the press release that the year-on-year growth in the value of merchandise exports in November mainly reflected an improved external trading environment. "This was particularly evidenced by the strong performance in exports to the Mainland. Exports to the US reverted to a modest increase, and those to the EU picked up further. Exports to many major Asian markets also showed improvement of varying degrees," reads the press release.

Comparing November 2020 with November 2019, total exports to Asia as a whole grew by 5.7 percent, particularly to major despinations such as Taiwan, Vietnam, the Philippines, the Chinese mainland and Japan. Apart from destinations in Asia, exports to Germany and the US also grew.

Year on year, increases were particularly registered in the values of exports of "electrical machinery, apparatus and appliances, and electrical parts thereof", "non-ferrous metals" and "office machines and automatic data processing machines".

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The government spokesperson was quoted as saying that looking ahead, while continued strengthening of the mainland economy should boost Hong Kong's exports, the sharp deterioration of epidemic situations in many advanced economies could slow the pace of global economic recovery and have a direct impact on Hong Kong's export performance. 

"The development of China-US relations, geopolitical tensions, and the Brexit process also warrant attention. The Government will monitor the developments closely," the spokesperson was quoted as saying in the press release.