Trade volumes to India crashed 35.9%.
Hong Kong’s trade activity continued on its steady way down after exports fell 5.8% YoY to $339.9b in December amidst the heavy weight of the protracted US-China trade war, according to the Census & Statistics department.
“The value of merchandise exports showed an enlarged year-on-year decline in December 2018, as the moderation in global economic growth and the US-Mainland trade tensions increasingly weighed on the exports of many Asian economies,” a government spokesperson said in a statement.
Also read: PMI hits 48 in December as demand sinks
Total exports to Asia fell 7.8% on the back of double-digit declines in India (35.9%) and Vietnam (15.7%). Exports to the Mainland, Korea and Japan also fell by 8.7%, 4.5% and 3.6% respectively which not even growth in Singapore and Thailand could offset.
Exports to destinations other than Asia also fell including Germany (10.9%), UK (3.6%) and USA (0.7%).
“The near-term outlook for merchandise trade is challenging amidst moderating global economic growth and the uncertainty surrounding the US-Mainland trade relations,” the spokersperson added.
Also read: GDP growth slows further to 2.9% in Q3
In terms of commodity, exports of non-metallic mineral manufactures plunged 41% to $8.7b in December. The exports of electrical machinery, apparatus and appliances and electrical parts as well as office machines and automatic data processing machines fell 5.7% and 5.3% respectively.
On the other hand, exports of power generating machinery and equipment surged 48.5% to $2b.
Good imports also fell 7% YoY to $391.2b in December.
On a full-year basis, exports managed to eke out positive growth of 7.3% in 2018 as the strong performance in the first half of the year propped up the volatile showing in the latter part.
Do you know more about this story? Contact us anonymously through this link.