, Hong Kong
Photo by Chester Ho on Unsplash

Exports value dips by 11.4% YoY to $337.4b in June

The pace of decline, however, has moderated.

The value of exports fell further in June 2023, declining 11.4% YoY to $337.4b.

The Census & Statistics Department (C&SD), however, underscored that the pace of decline in export value has moderated. 

By major commodity, the export value dropped $20.4b or -10.6% for "electrical machinery, apparatus and appliances, and electrical parts thereof” and by $9.8b or -235.% for "office machines and automatic data processing machines.”

Data from the C&SD also showed that total exports to Asia dropped 12.0% YoY.

Apart from destinations in Asia, decreases were registered in the value of total exports to some major destinations in other markets like Germany (-29.0%), the USA (-22.1%) and the United Kingdom (-14.6%).

The value of imports of goods likewise dipped in June, declining 12.3% YoY to $$393.9b.

With the decline in exports and imports, the trade deficit clocked in at $56.6b. The trade deficit is equivalent to 14.4% of the value of imports.

“ Looking ahead, with slower global economic growth, Hong Kong's export performance will continue to face intense pressure in the near term,” a government spokesperson said.
 

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!