ECONOMY | Staff Reporter, Hong Kong

Exports down 2.3% in Q3

Total exports pursues cutback for the eighth-month.

Hong Kong’s total exports of goods continues to decline with a 2.3% YoY drop in Q3, data from the Census & Statistics Department (C&SD) revealed. Imports also dipped 5.7% YoY during the same period.

This is the eighth consecutive month of decline, according to C&SD.

As a whole, the total value of exports shrunk to 5.8% YoY compared with the same period in 2019. The value of imports of goods continued to diminish by 8.3%, with a visible trade deficit of $219.7 billion for the eight months of 2020.

Despite the three-month improvement, total exports rose 0.3%, whilst imports increased by 0.6%.

Double-digit declines were recorded for exports to Japan, (-19.4%), Singapore (-14.6%), and Thailand (-12.5%). Exports volumes to Korea and mainland China also fell 9.1% and 1.4%, respectively.

On the other hand, export volumes to India and Vietnam rose to 12.8% and 11.5%.

Over the same period, the export values to Germany (-24.2%) and the USA (-14.9%) decreased. A downturn in import prices from the USA (-29.3%), Korea (-11.8%), Japan (‑6.6%) and the Mainland (-6.1%) were recorded.

In contrast, import volumes from Taiwan and Vietnam peaked at 20.8% and 13.6%.

Compared to last year, export volumes to the USA, Germany, India, Singapore, Korea and Japan shrunk to 22.0% YoY, 21.1% YoY, 20.0% YoY, 17.8% YoY, 13.0% YoY, and 12.7% YoY respectively.

However, Taiwan (+8% YoY) and the Mainland (+2.2% YoY) registered growth in total export prices.

With the import volumes, the USA (-22.0%), the Mainland (‑11.9%) and Japan (-7.3%) continue to drop YoY. Meanwhile, Vietnam (+40.6%), Taiwan (+20.3%), Korea (+5.3%) and Singapore (+4.5%) recorded a YoY rise.

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