This aerial photo shows the container terminal at Tsing Yi in Hong Kong on Feb 28, 2022. (PETER PARKS / AFP)
HONG KONG – The value of Hong Kong’s total goods exports decreased to HK$388.1 billion in May, down 1.4 percent year-on-year, the Census and Statistics Department revealed on Monday.
The value of imports of goods rose 1.3 percent to HK$424.8 billion for the same period, according to a department press release.
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A trade deficit of HK$36.7 billion, or 8.6 percent of the value of imports, was recorded for the month, it added.
Exports to the mainland fell further while exports to the US and the EU saw moderated growth
Comparing the three-month period ending May with the preceding three months on a seasonally adjusted basis, the value of total exports decreased 11.4 percent while that of imports fell 9 percent.
The SAR government said the value of merchandise exports turned to a mild year-on-year decline in May as the global economy faced increasing headwinds.
It also pointed out that exports to the Chinese mainland fell further while exports to the United States and the European Union saw moderated growth.
But exports to most other major Asian markets continued to record solid growth, the department.
Looking forward, the worsened global economic prospects will continue to weigh on the city’s export performance, said a government spokesman.
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The step-up in monetary policy tightening by many major central banks, the development of the Ukraine situation and the pandemic’s lingering threat also add uncertainties, the release added.