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MNI BRIEF: Hong Kong Exports Drop Sharply In November

(MNI) Beijing

Hong Kong's exports fell 24.1% y/y in November to HKD360 billion, accelerating from October’s 10.4% contraction, according to the Census and Statistics Department (C&SD) on Thursday.

Double-digit falls were recorded with most major trading partners, with total exports to Asia dropping by 25.9%, and the UK and US posting declines of 39.6% and 26.8% respectively. Exports of electrical machinery fell 20.1%, and telecommunications equipment dropped 34.0%.

The value of imports decreased 20.3% y/y to HKD387.1 billion leading to a visible trade deficit of HKD27.1 billion. The C&SD said the accelerating decline in exports came “amid the deteriorating external environment and disruptions to cross-boundary land transportation” and will “continue to face huge challenges in the near term”. However the recent relaxation in cross border logistics may improve the situation.

MNI Beijing Bureau | lewis.porylo@marketnews.com
TradePolicy NewsAPACChinaBriefStoryRegion
MNI Beijing Bureau | lewis.porylo@marketnews.com
TradePolicy NewsAPACChinaBriefStoryRegion

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