Hong Kong’s exports decreased for the seventh consecutive month in November at a faster-than-expected pace, figures from the Census and Statistics Department showed Monday.
Merchandise exports fell 3.5 percent year-over-year in November, exceeding economists’ expectations for a 2.6 percent drop. However, it was slower than the 3.7 percent decline in October.
The value of domestic exports plunged 21.6 percent annually in November and re-exports slipped by 3.2 percent.
Imports dipped 8.1 percent in November from a year ago, following a 8.5 percent fall in the preceding month. The expected rate of decrease was 7.1 percent.
The visible trade deficit narrowed notably to HK$33.1 billion in November from HK$52.2 billion in the corresponding month last year.
Economists had forecast the shortfall to drop to HK$36.9 billion. In October, the deficit was HK$29.7 billion.
“Looking ahead, the sluggish external demand amid the slow global economic growth will continue to constrain Hong Kong’s export performance in the near term,” a government spokesman said.
“Moreover, the uncertainties arising from monetary policy normalization in the US, diverging monetary policy among major central banks and heightened geopolitical tensions in various regions could add further headwinds. The Government will monitor the situation closely.”
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