Hong Kong exports drop 28.9 percent in December

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Hong Kong exports drop 28.9 percent in December

Shipping containers are seen stacking on top of each other at a cargo terminal in Hong Kong on July 18, 2020. ISAAC LAWRENCE AFP The value of Hong Kong's total goods exports fell to $348.1 billion $49.05 billion in December, down 28.9 percent year-on-year, the Census and Statistics Department said on Thursday.

The value of imports of goods dropped by 23.5 percent to HK $399.7 billion for the same period, according to a department press release.

It added that HK $51.6 billion, or 12.9 percent of the value of imports, was recorded for the month.

The average value of total exports decreased 7.0 percent in the fourth quarter of 2022, while the total imports fell 6.5 percent on a seasonally adjusted basis.

A SAR government spokesman said that the year-on-year fall in the value of merchandise exports widened further in December 2022, reflecting the significant drags of the deteriorating external environment and disruptions to cross-boundary land transportation.

Exports to the Chinese mainland, the United States and the European Union all fell sharply while exports to other major Asian markets recorded decreases of varying degrees, he said.

The spokesman said Hong Kong's export performance will be negatively affected by the weak global growth in the near term.

READ MORE: Hong Kong's exports value fell 10.4% in October.

After the recent relaxation of relevant restrictions, the gradual revival of cross-boundary land transportation should offset some of the pressure. He said that the government will monitor the situation closely.