Exports down 3.7% in April

Exports in non-metallic mineral manufactures led the decline.

The value of Hong Kong's total exports dipped 3.7% YoY in April to $309.5b, which eased from a 5.8% decline in March, according to data from the Census and Statistics Department (C&SD). As a result, exports of goods fell 8.1% YoY in the first four months of 2020.

Total exports to Asia as a whole grew by 2.7% YoY in April. Increases were registered in the values of total exports to some major destinations, particularly Taiwan (+21.6%), Japan (+10.7%) and the mainland of China (+9.4%). On the other hand, decreases were recorded in the values of total exports to India (-61.6%), Singapore (-27.7%) and Malaysia (-14.7%).

Outside Asia, exports to the US (-24.6%), Germany (-19.6%) and the United Kingdom (-6.9%) slipped.

By sector, exports fell in the “telecommunications and sound recording and reproducing apparatus and equipment" (-20.9%), "non-metallic mineral manufactures" (-64.3%) and "miscellaneous manufactured articles" (-37.3%). However, this was countered by exports that rose in the "office machines and automatic data processing machines" (26.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (6.2%).

Meanwhile, total imports of goods dropped 6.7% YoY to $332.8b over the same period. Decreases were registered in the values of imports from the Mainland (-11.2%), Japan (-10.8%) and the US (-1.1%). Concurrently, increases were posted from Vietnam (+77.0%), Taiwan (+29.5%) and Korea (+15.3%).

Imports dipped in "telecommunications and sound recording and reproducing apparatus and equipment" (-21%), "non-metallic mineral manufactures" (-53.1%) and "petroleum, petroleum products and related materials" (-73.4%). On the other hand, increases were seen in "electrical machinery, apparatus and appliances, and electrical parts thereof" (9.6%) and "office machines and automatic data processing machines" (11.1%).

Overall, there is a trade deficit of $23.3b, which is equivalent to 7% of the value of imports of goods in April.