August exports value down 14.3%

The value of Hong Kong’s total goods exports decreased to $371.9 billion in August, down 14.3% compared with the same month last year, the Census & Statistics Department announced today.

The value of imports of goods dropped 16.3% to $385.1 billion for the same period.

A trade deficit of $13.3 billion, equivalent to 3.4% of the value of imports, was recorded for the month.

Comparing the three-month period ending August with the preceding three months on a seasonally adjusted basis, the value of total exports dropped 4% while that of imports decreased 4.4%.

The Government said the value of merchandise exports saw a widened decline from a year earlier in August 2022 amid the worsened external environment and continued disruptions to cross-boundary land transportation. Exports to the Mainland, the US and the EU continued to fall, while those to other major Asian markets recorded mixed performance.

Looking forward, Hong Kong’s export performance will face immense pressure due to the deteriorating external environment. Elevated inflation in major advanced economies and interest rate hikes by relevant central banks in response will dampen global demand.

Heightened geopolitical tensions and supply-chain disruptions also add uncertainties, the Government also said.