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MNI BRIEF: Hong Kong's Exports Fall For Fifth Straight Month

MNI (BEIJING)
MNI (Beijing)

Hong Kong's goods exports fell for a fifth consecutive month in September due to the worsening global outlook and transportation disruptions, according to data from the Census and Statistics Department (CS&D) released on Tuesday.

Exports fell 9.1% y/y, a slight improvement on August’s 14.3% decline, but still way off the 18 months of expansion seen between Sep-2021 and Feb-2022.

“Disruptions to cross-boundary land transportation will continue to place immense pressure on export performance", a press release on the CS&D website said. The CS&D noted that “elevated inflation in major advanced economies and more aggressive monetary policy tightening in response continue to dampen global demand”.

Strong falls in exports were reported from the UK (-54.4%), USA (-24.5%) and Germany (-18.9%). Exports improved to Singapore (+21.1%), India (+11.3%) and Vietnam (+9.4%).

The visible trade deficit in September widened to HKD44.9 billion, up from August’s HKD13.3 billion, as imports declined by 7.8% y/y.

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

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