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.
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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.
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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).
