Hong Kong exports surprisingly rise in August, defying market expectations for a fall

Hong Kong's exports increased unexpectedly in August, defying market expectations for a rise in the country’s overseas shipments, after falling in the previous two months.

Hong Kong’s value of total exports rose 0.8 percent year-over-year in August, reversing a 5.1 percent decline in July. Economists had expected a 2.0 percent fall for the month, data released by the Census and Statistics Department showed Tuesday.

Further, the value of re-exports climbed 0.8 percent, while domestic exports dipped 3.4 percent. Imports grew 2.8 percent annually in August, in contrast to a 3.3 percent decrease in the prior month. Meanwhile, it was expected to drop by 1.0 percent.

The visible trade deficit of the country widened to HKD32.09 billion in August from HKD25.07 billion in the same month of 2015. That was above the shortfall of HKD29.0 billion expected by economists.

"Looking ahead, Hong Kong's export performance will still depend on global demand conditions," a government spokesperson said.