HONG Kong's exports fell by 8.8 per cent over a year earlier to HKD286.2 billion (US$36.5 billion) last month following a 36.7 per cent plunge in January, but it was better than market expectations of a 28 per cent decline.
Meanwhile, imports fell by 4.1 per cent over a year to HKD331.6 billion in February.
The trade deficit in February was HKD45.4 billion, equivalent to 13.7 per cent of the value of imports, and the deficit for the first two months of 2023 was HKD71 billion, representing 11 per cent of the value of imports.
Total exports to markets across Asia fell 10.6 per cent year on year with exports to several major destinations falling, notably Japan with a drop of 23.1 per cent and mainland China with a drop of 12.7 per cent.
Conversely exports to Korea and Vietnam surged 30 per cent and 10.3 per cent respectively.
A government spokesperson noted that there was a significant decline in the value of merchandise exports in the first two months compared to the previous year, likely due to a weak external environment.
A slowdown in advanced economies is expected to have a negative impact on hong Kong's exports in the near future.
But the mainland economy's accelerated recovery and the lifting of all Covid-19 restrictions should relieve some of the pressure, the spokesman said.
SeaNews Turkey
Meanwhile, imports fell by 4.1 per cent over a year to HKD331.6 billion in February.
The trade deficit in February was HKD45.4 billion, equivalent to 13.7 per cent of the value of imports, and the deficit for the first two months of 2023 was HKD71 billion, representing 11 per cent of the value of imports.
Total exports to markets across Asia fell 10.6 per cent year on year with exports to several major destinations falling, notably Japan with a drop of 23.1 per cent and mainland China with a drop of 12.7 per cent.
Conversely exports to Korea and Vietnam surged 30 per cent and 10.3 per cent respectively.
A government spokesperson noted that there was a significant decline in the value of merchandise exports in the first two months compared to the previous year, likely due to a weak external environment.
A slowdown in advanced economies is expected to have a negative impact on hong Kong's exports in the near future.
But the mainland economy's accelerated recovery and the lifting of all Covid-19 restrictions should relieve some of the pressure, the spokesman said.
SeaNews Turkey
