Value of total exports down 9.1% YoY in September

The value of exports declined to $401.6b in September 2022.

Amidst disruptions to cross-boundary transportation, value of total goods exports declined by 9.1% to $401.6b in September 2022 compared to the same period in 2021, the Census & Statistics Department data showed.

The value of goods imports went down by 7.8% to $446.6b for the same period. A trade deficit of $44.9b, or 10.1% of the value of imports, was posted in September. 

Value of total exports declined 8.2% and exports also decreased 10.2% in the third quarter of 2022 compared to the second quarter this year, on a seasonally adjusted basis.

This stemmed from the value of merchandise exports that continued to decline sharply from a year earlier in September 2022 amidst the “deteriorating external environment and continued disruptions to cross-boundary land transportation.”

Exports to Mainland China, the US and the European Union also dropped further whilst those in Asian markets had a “mixed performance.”

“Looking forward, Hong Kong’s export performance will remain under immense pressure, as global demand is still dampened by elevated inflation in major advanced economies and more aggressive monetary policy tightening in response,” the government said.