Hong Kong’s exports declined for the sixth straight month in October, though at a slower-than-expected pace, figures from the Census and Statistics Department revealed Thursday.
Merchandise exports fell 3.7 percent year-over-year in October, following a 4.6 percent decrease in September. Economists had expected a 4.0 percent drop for the month.
The value of domestic exports plunged 18.2 percent annually in October and re-exports went down by 3.5 percent.
Imports slipped 8.5 percent in October from a year ago, exceeding economists’ expectations for a 7.3 percent decline. In September, imports had fallen 7.6 percent.
The visible trade deficit narrowed notably to HK$29.6 billion in October from HK$49.8 billion in the corresponding month last year. In September, the shortfall was HK$36.4 billion. The expected deficit was HK$35.2 billion.
“Looking ahead, the slow global economic growth will continue to constrain Hong Kong’s export performance in the near term, a government spokesman said.
“Moreover, the external environment is still overcast by headwinds stemming from the impending US interest rate hike and heightened geopolitical tensions in various regions. The Government will monitor the situation closely.”
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