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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Nov exports value up 7.4%

The value of Hong Kong’s total exports increased to $386.6 billion in November, up 7.4% on the same month last year, the Census & Statistics Department announced today.

 

The value of goods imports increased 7.1% to $414.6 billion for the same period.

 

A trade deficit of $27.9 billion, or 6.7% of the value of imports, was recorded for November.

 

Comparing the three-month period ending November with the preceding three months on a seasonally adjusted basis, the value of goods exported rose 5.1%, while that of goods imported increased 5.5%.

 

The Government noted that the value of merchandise exports recorded a year-on-year increase due to a low comparison base. Exports to the Mainland rose, those to the US grew modestly, while those to the European Union fell visibly. Exports to other major Asian markets saw a mixed performance.

 

Looking ahead, it added that the challenging external environment will continue to weigh on Hong Kong’s export performance in the near term.


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