Containers are pictured stacked up at the port in Hong Kong before being loaded onto cargo ships on Oct 5, 2019. The value of Hong Kong's total goods exports decreased by 8.8 percent in February from the same period last year, according to data from the Census and Statistics Department on March 27, 2023. (PHOTO / AFP)
HONG KONG - The value of Hong Kong's total goods exports dropped to HK$286.2 billion ($35.95 billion) in February, down 8.8 percent compared with the same period last year, the Census and Statistics Department said Monday.
The value of imports of goods also decreased 4.1 percent to HK$331.6 billion for the same period, after a year-on-year decrease of 30.2 percent in January. A visible trade deficit of HK$45.4 billion, equivalent to 13.7 percent of the value of imports of goods, was recorded in February.
An HKSAR govt spokesman said the expected growth moderation in advanced economies will continue to weigh on Hong Kong's export performance in the near term
Comparing the three-month period ending February with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 7.7 percent while the value of imports of goods decreased by 3.7 percent.
A Hong Kong Special Administrative Region government spokesman said that taking the first two months of 2023 together to remove the distortion caused by the different timing of Lunar New Year, the value of merchandise exports fell notably by 25.4 percent from a year earlier amid the weak external environment. Exports to all major markets fell by varying degrees.
Looking ahead, the spokesman said the expected growth moderation in advanced economies will continue to weigh on Hong Kong's export performance in the near term.
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Nonetheless, the accelerated recovery of the Chinese mainland economy, coupled with the removal of cross-boundary truck movement restrictions between the SAR and the mainland, should alleviate some of the pressure, he added.
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