Hong Kong exports continue to shrink, contracting 7.3pc in September
HONG Kong exports in September shrank 7
HONG Kong exports in September shrank 7.3 per cent year on year amid the slack in global demand as a result of the continuing trade tension between China and the US.
Statistics for September from the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government showed that exports dropped to HKD347.7 billion (US$44.35 billion) while imports slipped 10.3 per cent to HKD379.3 billion year on year, resulting in a trade deficit of HKD31.6 billion.
In August, exports slipped 6.3 per cent compared to the same month in 2018, while imports were down 11.1 per cent.
Comparing the third quarter of 2019 with the preceding quarter on a seasonally adjusted basis, exports decreased by 0.4 per cent, while imports declined by 2.1 per cent.
The government statistics also showed that in September, in terms of Hong Kong's total exports, the US market was among the worst performers, down 24.3 per cent year on year, along with South Korea at 25.9 per cent.
Commenting on the figures, a Hong Kong SAR Government spokesman said: 'Merchandise exports weakened further in September to show an enlarged year-on-year decline, reflecting the slack in global demand and heightened US-Mainland trade tensions in that month. Most major markets continued to show subdued performance.
'Looking ahead, as the strains on global trade flows arising from a slowing global economy and various uncertainties, including the development of US-Mainland trade relations, will likely persist for some time, the near-term outlook for Hong Kong's merchandise exports remains challenging.'
During her policy address last week, Hong Kong's Chief Executive Carrie Lam announced that the city had already slipped into a technical recession in the third quarter - with the city's economic growth contracting for two consecutive quarters.