Hong Kong's exports in January jumped the most since 1992, with an increase of 44 percent over a year earlier, as trade picked up across Asia thanks to the timing of Chinese New Year and a wider economic recovery on growing optimism about vaccines, Bloomberg reported.

The substantial growth in exports beat the 30.5-percent forecast polled by Bloomberg. Exports of goods increased to about $60 billion, and imports rose 37.7 percent from a year ago to $63.9 billion, leaving a trade deficit of $3.9 billion, the Hong Kong Special Administrative Region (HKSAR) government announced Thursday.

Trade across Asia has gathered pace, with total exports to the region surging 49.5 percent year on year. The biggest increases were registered in exports to major destinations in particular Taiwan region (up 73.2 percent) and the Chinese mainland (up 58.8 percent).

Exports to the Chinese mainland have been a key driver of HKSAR's economic recovery. A surge in the exports starting from September 2020 helped the city to return to quarter-on-quarter growth in the latter half of last year.

The figure was partly distorted by the difference in the timing of Chinese New Year, which fell in mid-February this year, the HKSAR government said.

Exports registered an increase in January against the low base of comparison a year earlier, as companies were on holidays for some of January 2020, while many were rushing to finish orders in January this year before going on holidays this month.

"Looking ahead, the Chinese mainland economy is expected to grow strongly, while import demand of the advanced markets should recover further if their epidemic situation gradually stabilizes. These developments will bode well for Hong Kong's exports of goods in the near term," the government said.

Financial Secretary Paul Chan forecast in his budget speech Wednesday that Hong Kong's economy will resume growth this year and expand between 3.5 percent and 5.5 percent, which is dependent on the global rollout of vaccines to spur a return of external demand and international travel.

(Cover: VCG)