Hong Kong’s exports declined for the fourth straight month in August at a faster-than-expected pace, figures from the Census and Statistics Department showed Thursday.
Exports fell notably by 6.1 percent year-over-year in August, much faster than economists’ expectations for a 1.7 percent decrease. In July, exports had dropped 1.6 percent.
The value of domestic exports plunged 21.3 percent annually in August and re-exports dipped by 5.9 percent.
Imports also slipped at a faster pace of 7.4 percent yearly in August, following a 5.2 percent fall in the preceding month. The expected rate of decline was 3.3 percent.
The visible trade deficit narrowed to HK$25.1 billion in August from HK$31.5 billion in the corresponding month last year.
Economists had forecast a deficit of HK$28.0 billion for the month. In July, the shortfall was HK$28.4 billion.
In the January to August period, total trade deficit came in at HK$295.8 billion versus HK$336.03 billion a year ago. Both exports and imports fell by 1.0 percent and 2.4 percent, respectively.
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