The price of goods exported dipped further in February 2023, dwindling 8.8% year over year to $286.2b.
The Census & Statistics Department (C&SD) attributed the reduction in export value to the “weak external environment.”
By major commodity, export value fell by $20.9 billion, or -13.4%, for “electrical machinery, apparatus, and appliances, and electrical parts thereof”; by $5.5 billion, or -16.5%, for “office machines and automatic data processing machines; and by $4.7 billion, or -36.3%, for “professional, scientific, and controlling instruments and apparatus.”
However, there was an increase in the value of overall exports of “non-ferrous metals,” which grew by $3.4 billion, or 109.3%.
According to the data from the C&SD, it also showed that total exports to Asia shrank 10.6% year over year.
Aside from Asian destinations, there were losses in the value of overall exports to certain key destinations in other areas, such as Germany (-22.6%).
Imports of goods also fell in January, down 4.1% year over year to $331.6 billion.
The trade imbalance was $71.0 billion due to a decrease in both exports and imports. The trade deficit is equal to 11.0% of total imports.
“Taking the first two months of 2023 together to remove the distortion caused by the different timing of the Lunar New Year, the value of merchandise exports fell notably from a year earlier amid the weak external environment,” C&SD noted.
“Looking ahead, the expected growth moderation in the advanced economies will continue to weigh on Hong Kong’s export performance in the near term. Nonetheless, the accelerated recovery of the Mainland economy, coupled with the removal of cross-border truck movement restrictions between Hong Kong and the Mainland, should alleviate part of the pressure,” it said.
- Published By Team Hongkong Journalist