Hong Kong’s total exports value in May fell 0.1% year-on-year, while the value of imports dropped 4.3%, the Census & Statistics Department announced.
Total goods exports value decreased to HKD291.5 billion (US$37.6 billion) from a year earlier, after a year-on-year decrease of 2.3% in April.
Within this total, the value of re-exports increased 0.2% to HKD288 billion, while domestic exports decreased 18% to HKD3.5 billion. The value of goods imports fell 4.3% to HKD317.7 billion, after a year-on-year decrease of 4.5% in April.
A visible trade deficit of HKD26.2 billion, equivalent to 8.3% of goods imports value, was recorded in May.
The department said merchandise exports showed further improvement in May. Although exports to the U.S. and Japan were still weak, those to the EU and the mainland increased slightly, while exports to India and Taiwan saw more notable growth in May.
The agency said Hong Kong’s export performance will hinge on global demand conditions, particularly whether the major advanced economies gather growth momentum.
Uncertainties have increased following the UK’s vote in favor of leaving the EU, which could have negative spillovers on the global economy and international financial markets.
In addition, the U.S. monetary policy normalization, diverging monetary policy among major central banks, and geopolitical tensions are also causes for concern.
Photo: WiNG
