October 26, 2022
HONG KONG – The value of Hong Kong’s total goods exports dropped to HK$401.6 billion ($51.2 billion) in September, down 9.1 percent compared with the same period last year, the Census and Statistics Department said Tuesday.
The value of imports of goods also decreased 7.8 percent to HK$446.6 billion for the same period, after a year-on-year decrease of 16.3 percent in August 2022. A visible trade deficit of $44.9 billion, equivalent to 10.1 percent of the value of imports of goods, was recorded in September.
Comparing the third quarter this year with the preceding quarter on a seasonally adjusted basis, the value of total exports dropped 8.2 percent while that of imports decreased 10.2 percent
Comparing the third quarter this year with the preceding quarter on a seasonally adjusted basis, the value of total exports dropped 8.2 percent while that of imports decreased 10.2 percent.
For the first nine months of 2022 as a whole, the value of Hong Kong’s total exports of goods dropped by 3.6 percent over the same period in 2021 while the value of imports of goods also decreased by 2.8 percent, the department said.
It added that a visible trade deficit of HK$294.3 billion, equivalent to 7.9 percent of the value of imports of goods, was recorded in the first nine months of 2022.
In a statement, a Hong Kong Special Administrative Region government spokesman said that the value of merchandise exports continued to fall sharply from a year earlier in September amid a deteriorating external environment and continued disruptions to cross-boundary land transportation.
He said exports to the Chinese mainland, the United States and the European Union fell further, while those to other major Asian markets recorded mixed performance.
Looking forward, Hong Kong’s export performance will remain under immense pressure, as elevated inflation in major advanced economies and more aggressive monetary policy tightening continue to dampen global demand, the spokesman added.