MNI BRIEF: HK Exports Decline For A Sixth Month
Hong Kong’s exports declined 10.4% y/y in October due to slowing global demand and transport disruptions with the mainland, the Census and Statistics Department (C&SD) said on Monday.
The value of October exports dropped to USD374.7 billion, marking the six consecutive month of decline and a slight acceleration from the 9.1% y/y decrease seen in September.
Exports to the Mainland and the USA were down 12.9% y/y and 19.5% y/y respectively, partially offset by Singapore and Korea which both increased by 4% y/y.
The C&SD said exports would remain under “immense pressure” as inflation and tight financial conditions in major economies would suppress external demand.
Imports of goods fell 11.9% y/y to USD395.5 billion in October, with telecommunications down 23.4%, partially offset by a 36.7% increase in professional scientific Instruments.