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.