Shipping containers are seen stacked 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 decreased to HK$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 also dropped 23.5 percent to HK$399.7 billion for the same period, according to a department press release.
A trade deficit of HK$51.6 billion, or 12.9 percent of the value of imports, was recorded for the month, the Census and Statistics Department
A trade deficit of HK$51.6 billion, or 12.9 percent of the value of imports, was recorded for the month, it added.
Comparing the fourth quarter of 2022 with the preceding quarter on a seasonally adjusted basis, the value of total exports decreased 7.0 percent while that of imports fell 6.5 percent.
ALSO READ: Hong Kong's November exports value drops 24.1%
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 continued to fall sharply while exports to other major Asian markets recorded decreases of varying degree, he said in a statement.
The spokesman said Hong Kong's export performance will continue to be adversely affected by the weak global growth in the near term.
READ MORE: Hong Kong's exports value down 10.4% in October
Nonetheless, the gradual revival of cross-boundary land transportation after the recent relaxation of relevant restrictions should offset some of the pressure. The government will monitor the situation closely, he added.
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