Exports fell 9.2% to $348.5b in October

The city recorded a trade deficit of $30.6b or 8.1% of imports.

The total value of exports from Hong Kong fell 9.2% YoY to $348.5b in October, according to data from the Census and Statistics Department (C&SD). Imports slipped 11.5% to $379.1b over the same period. This translates to a visible trade deficit of $30.6b or 8.1% of imports.

For the first 10 months of 2019, exports dropped 5.1% YoY, whilst imports slipped 7.0%, translating to a visible trade deficit of $367.5b or 10.1% of imports.

Total exports to Asia contracted 6.4% YoY for the month, with declines registered in most major destinations except for Taiwan and Singapore by 16.8% and 4.5% respectively. Exports to Korea fell the most at 14.5%, followed by India (10.7%) and Vietnam (10.3%).

Fall in exports were also registered in major destinations in other regions, particularly the United Kingdom (22.1%), the USA (21.1%) and Germany (17.7%).

Imports also crashed the most in Korea amongst major suppliers by 24.7%, followed by the USA (23.9%) and India (16.3%). Imports from Mainland China, Thailand and Singapore also fell. Concurrently, imports from Vietnam and Malaysia grew 23.4% and 3.0% respectively.

Amongst major commodities, exports for power generating machinery and equipment leapt 32.8%. However, telecom and sound recording and reproducing equipment slid 16.9% YoY, miscellaneous manufactured articles slipped 19.6% and office and automatic data processing machines" declined 9.9%.

Likewise, imports of most principal commodity divisions fell 21% in telecom and sound recording and reproducing equipment, 22% in office and automatic data processing machines and 3.8% in electrical machinery, apparatus and appliances, and electrical parts thereof. However, imports of power generating machinery and equipment jumped 38%.

A government spokesperson said that the decline in exports accelerated from 7.3% in September due to sluggish global demand and trade tensions. Exports are expected to stay weak in the near term.