This February 28, 2022 aerial photo shows the container terminal at Tsing Yi in Hong Kong. (PETER PARKS / AFP)
HONG KONG – The value of Hong Kong's total goods exports decreased to HK$371.9 billion (US$47.37 billion) in August, down 14.3 percent compared with the same month last year, the Census and Statistics Department said Monday.
The value of imports of goods also decreased 16.3 percent to HK$385.1 billion for the same period. A visible trade deficit of HK$13.3 billion, equivalent to 3.4 percent of the value of imports of goods, was recorded in August.
The value of imports of goods also decreased 16.3 percent to HK$385.1 billion for the same period. A visible trade deficit of HK$13.3 billion, equivalent to 3.4 percent of the value of imports of goods, was recorded in August
The department added that, for the first eight months of 2022 as a whole, the value of Hong Kong’s total exports of goods dropped by 2.9 percent over the same period in 2021 while the value of imports of goods also decreased by 2.1 percent.
It added that a visible trade deficit of HK$248.7 billion, equivalent to 7.5 percent of the value of imports of goods, was recorded in the first eight months of the year.
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In a statement, a Hong Kong Special Administrative Region government spokesman said that the value of merchandise exports saw a widened decline from a year earlier in August amid the worsened external environment and continued disruptions to cross-boundary land transportation.
He said exports to the Chinese mainland, the United States and the European Union continued to fall, while those to other major Asian markets recorded mixed performance.
Looking forward, Hong Kong's export performance will face immense pressure alongside the deteriorating external environment, the spokesman said.
Elevated inflation in major advanced economies and aggressive interest rate hikes by central banks in response will continue to dampen global demand while heightened geopolitical tensions and supply-chain disruptions also add uncertainties. The HKSAR government will monitor the situation closely, he added.
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