Foreign trade boosted the Gross Domestic Product (GDP) of Hong Kong, China, in the first quarter of 2021, the Census and Statistics Department reported on Monday.
According to advance estimates, GDP increased 7.8% year-on-year in real terms in the first quarter of 2021, which also compares with a decrease of 2.8% in the fourth quarter of 2020.
The greater increase in GDP in the first quarter of 2021 is mainly explained by the good performance of foreign trade and the low comparison base of last year.
Regarding foreign trade, for the first quarter of 2021 as a whole, the value of Hong Kong’s total exports of goods increased 33.2% compared to the same period of 2020.
At the same time, the value of goods imports increased 25.6 percent.
Comparing the first quarter of 2021 with the previous quarter on a seasonally adjusted basis, the value of total exports of goods advanced 19.4 percent.
Meanwhile, in that comparison, the value of goods imports increased 13.8 percent.
For the first quarter of 2021 as a whole, there were year-on-year increases in total export values for most major commodity divisions.
In particular, in “machinery, electrical appliances and appliances and electrical parts thereof,” external sales were for HK $ 150.2 billion, an increase of 43.1 percent).
Likewise, exports of “telecommunications and sound recording and reproduction apparatus and equipment” totaled 40.5 billion dollars, an increase of 29.3 percent.
Hong Kong’s economy is considered a model of capitalism for its commitment to free trade.
In particular, Kong Kong stands out for its foreign trade. Exports plus imports of that economy represent 352.8% of GDP.
Regarding exports, the most important include integrated circuits, gold, radiotelephone transmission tools, commercial services, travel, transportation and financial services.