Hong Kong sees exports rise 1.1% in April
Total exports of goods stood at $389b.
Hong Kong’s total exports of goods increased 1.1% to $389b in April 2020, reversing the 8.9% year-on-year decrease seen in March 2022, the Census and Statistics Department (C&SD) reported.
In the same report, the C&SD recorded imports of goods in the same month also went up by 2.1% to $425.6b. This showed a trade deficit of $36.6b, which is equivalent to 8.6% of the value of imports of goods in April 2022.
“Epidemic-induced transportation disruptions, though easing somewhat in the latter part of the month, continued to constrain export performance,” a government spokesperson said.
The official noted that exports particularly fell in Mainland China whilst exports to the US and the EU posted visible growth. Meanwhile, exports to other major Asian markets saw increases of varying degrees.
The C&SD reported that in April decreases were registered in the values of total exports to the Mainland (-9.4%) and the Philippines (-7.3%); whilst increases were recorded in the values of total exports to India (+79.4%), Malaysia (+33.0%), Vietnam (+30.3%) and Taiwan (+27.5%).
“Looking ahead, the global economic outlook has worsened amid rampant inflation in some major economies and monetary policy tightening by respective central banks in response, tensions in Ukraine, and the lingering threat of the pandemic,” the spokesperson said.
“This would continue to weigh on Hong Kong's export performance in the near term. Nonetheless, the stable local epidemic situation should be conducive to the gradual revival of cross-boundary land transportation, alleviating some of the pressures facing the external sector. The Government will monitor the situation closely.”