Shipping containers are seen stacked on top of each other at a cargo terminal in Hong Kong on July 18, 2020. (ISAAC LAWRENCE / AFP)
The value of Hong Kong’s total goods exports decreased by 6.4 percent year-on-year to HK$380.7 billion ($48.50 billion) in June as the global economic situation deteriorated, according to data released by the Census and Statistics Department on Monday.
The value of imports of goods rose 0.5 percent to HK$449.2 billion in the same period, the official data showed. A trade deficit of HK$68.5 billion, or 15.3 percent of the value of imports, was recorded for the month.
The value of imports of goods rose 0.5 percent to HK$449.2 billion in the same period, the official data showed. A trade deficit of HK$68.5 billion, or 15.3 percent of the value of imports, was recorded for the month
For the first half of this year, the value of total goods exports rose 0.4 percent over the same period in 2021, and that of imports increased by 2.1 percent. Meanwhile, a visible trade deficit of HK$206.1 billion, equivalent to 8.2 percent of the value of imports, was recorded.
Comparing the second quarter of 2022 with the first quarter on a seasonally adjusted basis, the value of total exports decreased by 4.2 percent, while that of imports fell 0.6 percent.
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Financial Secretary Paul Chan Mo-po said in his Sunday blog that the latest export figures would not be promising because of the weak global economy.
Regarding Hong Kong’s major export destinations, the value of exports to the Chinese mainland fell by 10.4 percent, while exports to many other major Asian markets, including India, Vietnam, and Singapore, showed increases of varying degrees. At the same time, exports to the US and the European Union swung from increases in May to declines last month.
The HKSAR government spokesman said global financial conditions were expected to tighten further as major central banks continue to raise interest rates amid a worsening global economic outlook, which will continue to weigh on Hong Kong’s export performance.
He added that the long-standing tensions in Ukraine plus the evolving global pandemic will pose challenges and the HKSAR government will monitor the situation closely.
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