Exports value dip 6.4% YoY to $380.7b in June

The Census & Statistics Department said exports to the Mainland continued to fall.

The value of goods exports dipped 6.4% YoY to $380.7b, the Census & Statistics Department (C&SD) reported.

According to the C&SD, this is likely because exports to the Mainland continued to fall, whilst exports to the US and the European Union declined in the second quarter.

On the flip side, the value of goods imports rose 0.5%  to $449.2b.

With a decline in exports and an increase in imports, the trade deficit clocked in at $68.5b. The trade deficit is equivalent to 15.3% of the value of imports.

Looking forward, C&SD said the worsening global economic outlook will pile on the pressure facing Hong Kong's exports. 

“Global financial conditions are expected to tighten further as many major central banks continue to raise interest rates to curb inflation, weighing on global economic momentum. The continued tensions in Ukraine and the evolving global pandemic also pose challenges,” the Government added.