2022.11.2809:37:00UTC+00Hong Kong Export Decline Worsens In October

Hong Kong's merchandise exports and imports declined at faster rates in October, data from the Census and Statistics Department showed on Monday.

Exports fell 10.4 percent year-on-year in October, following a 9.1 percent decrease in September.

Shipments of telecommunications and sound recording equipment, electrical machinery and parts, office machines and automatic data processing equipment, and non-ferrous metals decreased in October.

Imports decreased 11.9 percent annually in October, after a 7.8 percent decline in the previous month.

The trade deficit narrowed to HK$20.869 billion in October from HK$30.464 billion in the same month last year. In September, the deficit was HK$44.920 billion.

"The value of merchandise exports registered further visible fall from a year earlier in October 2022 as the external environment deteriorated and disruptions to cross-boundary land transportation continued," a government spokesman said.

Data showed that exports to the mainland China, the United States and the European Union recorded double-digit declines, and those to most other major Asian markets saw worsened performance.

"Looking forward, Hong Kong's export performance will stay under immense pressure, as elevated inflation and further monetary policy tightening in major advanced economies will continue to suppress global demand in the near term," the spokesman added.