HKUST2003_10_621x74_676339_k.gif

China Daily

News> Hong Kong> Content
Thursday, March 26, 2020, 23:06
HK's Feb exports rise 4.3% amid slump, falls 12% in first 2 months
By Sophie He
Thursday, March 26, 2020, 23:06 By Sophie He

This photo shows a general view of a Hong Kong container port at the Kwai Chung Customhouse Cargo Examination Compound in Hong Kong, Sept 5, 2018. (ISAAC LAWRENCE / AFP)

The value of Hong Kong’s total exports of goods in February increased by 4.3 percent from a year ago, but the combined figures for January and February still saw a 12 percent decrease year on year due to the pandemic, latest government data shows.

READ MORE: Trade council: HK exports may shrink more than 2% this year

The Census and Statistics Departments revealed on Thursday that in February, the value of Hong Kong's total exports of goods increased by 4.3 percent, whereas the value of imports of goods decreased by 0.1 percent over a year earlier.

The external trading environment has become more adverse lately. As such, Hong Kong’s merchandise export performance will likely remain weak in the near term, a govt spokesman said 

As the trade flows in January and February of each year tend to show considerable volatility due to the difference in timing of the Lunar New Year, the figures for these two months combined were also provided.

The value of total exports of goods in the first two months of the year decreased by 12 percent over the same period in 2019. Concurrently, the value of imports of goods fell by 9.3 percent. A visible trade deficit of HK$$69.1 billion, equivalent to 12 percent of the value of imports of goods, was recorded during the period.

In January, the value of Hong Kong’s total exports plunged 22.7 percent from a year ago.

The merchandise exports showed a moderate year-on-year increase in February mainly due to distortions in the timing of Lunar New Year, a government spokesman said in a statement. 

Taking the first two months of 2020 together, the fall in merchandise exports rose to 12 percent, reflecting the serious disruptions to regional trading and production activities caused by the COVID-19 outbreak.

The external trading environment has become more adverse lately, as demand in most major export markets plunged amid the COVID-19 pandemic. As such, Hong Kong’s merchandise export performance will likely remain weak in the near term. The government will continue to monitor the situation closely, the spokesman said.

For the first two months of 2020 as a whole, year-on-year decreases were registered in the value of total exports to some major destinations, in particular the United States (-26.4 percent), Japan (-24.2 percent), Germany (-22.3 percent) and Singapore (-16 percent). The value of total exports to the Chinese mainland also dropped by 7.9 percent.

ALSO READ: HK exports record worst performance in 10 years

However, year-on-year increases were registered in the value of total exports to the United Arab Emirates (+4.6 percent), India (+4.3 percent) and Vietnam (+4.2 percent).

Over the same period of comparison, year-on-year decreases were registered in the value of imports from some major suppliers, in particular the Chinese mainland (-18.8 percent), the US (‑11.7 percent), Thailand (-10.1 percent). 

However, year-on-year increases were registered in the value of imports from Vietnam (+42.8 percent), Korea (+20.6 percent) and Taiwan (+18.5 percent).

 

sophiehe@chinadailyhk.com


Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !