Hong Kong’s merchandise exports decreased at a faster pace in July, data from the Census and Statistics Department showed on Wednesday.
Exports fell 3.0 percent year-on-year in July, following a 1.3 percent decrease in June. Shipments declined for the fifth consecutive month.
At the same time, imports declined 3.4 percent annually in July, following a 7.1 percent fall in the previous month.
Consequently, the trade deficit narrowed to HK$29.82 billion in July from HK$32.17 billion in the same month last year. In June, the deficit was HK$33.34 billion.
For the January to July period, exports decreased 6.3 percent year-on- year and imports fell 8.5 percent. The trade deficit was HK$205.32 billion.
“Exports to the US, the EU and many other major Asian [markets][1] fell further on a year-on-year basis amid subdued external demand,” a government spokesman said.
“Meanwhile, exports to the Mainland sustained moderate growth alongside the solid economic recovery there,” spokesman added.
“Looking ahead, the threat of COVID-19 will remain until an effective vaccine or treatment is widely available,” spokesman said.
“The weak global [economy][2], together with the tense China-US relations, will continue to cloud the outlook for Hong Kong’s merchandise exports in the near term,” spokesman added.
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