Export volumes down 9.1% in Q1

Volumes to the US led the decline.

Hong Kong’s total exports volume slipped 9.1% YoY in Q1, according to data from the Census and Statistics Department (C&SD). Exports volume also fell 4.6% YoY in March.

Meanwhile, exports prices slipped 0.7% YoY in Q1 and 1.4% YoY in March. Declines were recorded for the total export volume to the USA (-27.3%), India (-13.8%) and Japan (-3.4%). On the other hand, the export volume to Taiwan (2.1%) and the mainland of China (8.9%) increased.

As for imports, volume likewise fell 9.6% YoY in Q1 and 10.3% YoY in March. Imports prices also took a 0.4% slide in the same quarter.

Double-digit decline of 14% was posted for the import volume from the Mainland, whilst imports from Japan slid 6.4%. Volumes from Korea (6.%), Singapore (14.3%) and Taiwan (14.5%) increased.

As a result, the trade index dipped 0.5% YoY in March and 0.3% YoY in Q1.