This aerial photo shows the container terminal at Tsing Yi in Hong Kong on February 28, 2022. PETER PARKS AFP HONG KONG The total goods export value of Hong Kong decreased to HK $388.1 billion in May, down 1.4 percent year-on-year, the Census and Statistics Department revealed on Monday.
The value of imports of goods increased by 1.3 percent to HK $424.8 billion for the same period, according to a department press release.
A trade deficit of HK $36.7 billion, or 8.6 percent of the value of imports, was recorded for the month, it added.
The value of total exports decreased 11.4 percent while the value of imports fell 9 percent in the three months ended May with the preceding three months on a seasonally adjusted basis.
The SAR government said the value of merchandise exports fell to a mild year-on-year decline in May, as the global economy faced increasing headwinds.
Exports to the Chinese mainland fell further, while exports to the United States and the European Union saw moderate growth.
Exports to most other major Asian markets continued to record solid growth, according to the department.
The worsened global economic prospects will continue to weigh on the city's export performance, a government spokesman said.
The release added that uncertainties are added by the step-up in monetary policy tightening by many major central banks, the development of the Ukraine situation and the pandemic lingering threat.