SEPT EXPORTS VALUE DOWN 9.1%

The value of Hong Kong’s total goods exports decreased to $401.6 billion in September, down 9.1% compared with the same month last year, the Census & Statistics Department announced today.

The value of goods imports dropped 7.8% to $446.6 billion for the same period.

A trade deficit of $44.9 billion, or 10.1% of the value of imports, was recorded for the month.

Comparing the third quarter this year with the preceding quarter on a seasonally adjusted basis, the value of total exports dropped 8.2% while that of imports decreased 10.2%.

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

Looking forward, Hong Kong’s export performance will remain under immense pressure, as global demand is still dampened by elevated inflation in major advanced economies and more aggressive monetary policy tightening in response.

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