Exports in Hong Kong dived for the 13th straight month in May, although the reading came in at a much improved pace than that in April. However, the drop was less severe than the forecasted value, according to an economists’ survey.
Exports from Hong Kong fell 1 percent year-on-year in May, much improved from the previous month’s reading of -2.3 percent, according to Hong Kong’s Census and Statistics Department. However, economists had forecasted a drop of 1.3 percent.
Imports fell .3 per cent for the period, up from April’s reading of -4.5 per cent, but worse than a forecast of -4 per cent and marking a sixteenth month of contraction. Those trade flows combined for a trade deficit of HKD26.2bn, far less than the deficit of HKD31bn the month prior and besting a consensus forecast calling for the deficit to hold steady from April.
In the first five months, exports of goods dropped by 4.5 percent over the same period in 2015. Re-exports fell by 4.3 percent, while the value of domestic exports tumbled by 16.6 percent. Imports decreased by 6.6 percent. The trade deficit was HKD154.2 billion.
Meanwhile, the latest figures from the department on exports to China continued to contrast dramatically with those from the mainland’s General Administration of Customs on imports from Hong Kong, reports said.
The material has been provided by InstaForex Company – www.instaforex.com