The value of Hong Kong’s total exports in November fell 3.5% year-on-year while imports dropped 8.1%, according to data from the Census & Statistics Department.
Total goods exports decreased to HK$315.3 billion in November from a year earlier after a year-on-year decrease of 3.7% in October.
Of this total, reexports decreased 3.2% to $311.6 billion, while domestic exports declined 21.6% to $3.7 billion. Goods imports fell 8.1% to $348.4 billion after a year-on-year contraction of 8.5% in October.
A visible trade deficit of $33.1 billion, equivalent to 9.5% of goods imports value, was recorded in November.
Comparing the three-month period ending November with the preceding three months on a seasonally adjusted basis, total goods exports dropped 1.2%. Of this total, reexports decreased 1.1%, while domestic exports fell 6.2%. The value of goods imports dropped 2.1%.
In the first 11 months, overall exports dipped 1.9% from the same period in 2014. Of this, reexports decreased by 1.7%, while domestic exports decreased 15.8%. Imports of goods deflated by 4.1%. A visible trade deficit of $395.4 billion, equivalent to 10.7% of the value of imports of goods, was recorded in the first 11 months.
By destination, aggregate exports to Asia went down by 3.1% in November year-on-year. Most major destinations registered declines, in particular Taiwan, South Korea, Japan, Thailand, the Philippines, and China. Vietnam and India, meanwhile, posted growth.
Shipments to some major destinations in other regions, in particular Germany and the U.S., also contracted, but there was a notable increase in exports to the United Kingdom.
In the first 11 months of 2015, year-on-year decreases were registered in the value of exports to some major destinations, in particular Taiwan, South Korea, Japan, Germany, and China. Year-on-year increases were registered for Vietnam, India, and the UK.
A government spokesman noted that merchandise exports continued to fall in November in tandem with the subdued export performance of many Asian economies amid the slack in global demand. Despite a modest rebound in exports to the European Union, shipments to advanced markets on the whole remained weak.
Looking ahead, the spokesman said sluggish external demand amid slow global economic growth will continue to constrain the state’s export performance in the near term. Moreover, uncertainties arising from monetary policy normalization in the U.S., diverging monetary policy among major central banks, and heightened geopolitical tensions in various regions could add further headwinds.
Photo: Marcus Wong Wongm
