August 26, 2022
HONG KONG – The value of Hong Kong’s total goods exports decreased to HK$379.6 billion in July, down 8.9 percent compared with the same month last year, the Census and Statistics Department said Thursday.
The value of imports of goods dropped 9.9 percent to HK$407.2 billion for the same period. A trade deficit of HK$27.6 billion, equivalent to 6.8 percent of the value of imports, was recorded for the month.
Looking forward, Hong Kong’s export performance will continue to be dragged by the weakening global growth momentum, according to a government spokesman
Comparing the three-month period ending July with the preceding three months on a seasonally adjusted basis, the value of total exports dropped 1.5 percent while that of imports rose 1.6 percent.
In a statement, a spokesman for the department said the value of merchandise exports declined further from a year earlier in July 2022 against a worsening external environment and continued disruptions to cross-boundary land transportation.
Experts to the mainland, the US and European Union showed widened declines, while those to other major Asian markets saw mixed performance, the spokesman said.
Looking forward, Hong Kong’s export performance will continue to be dragged by the weakening global growth momentum, according to the spokesman. “Aggressive monetary policy tightening in advanced economies to curb inflation will weigh on global demand.”
Heightened geopolitical tensions and pandemic-induced supply-chain disruptions also contribute to the headwinds, the spokesman added.