Exports value dips by 1.5% YoY to $367.2b in March

The pace of decline, however, has moderated.

The value of exports fell further in March 2023, declining 1.5% YoY to $367.2b.

The Census & Statistics Department (C&SD), however, underscored that the pace of decline in export value has moderated. 

By major commodity, the export value dropped $17.5b or -8.9% for "electrical machinery, apparatus and appliances, and electrical parts thereof” and by $4.0b or -10.3% for "office machines and automatic data processing machines.”

by $4.7b or -36.3% for "professional, scientific and controlling instruments and apparatus."

On the other hand,  increases were registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" ($4.2b or 11.8%) and "power generating machinery and equipment" ($3.9b or 79.8%).
Data from the C&SD also showed that total exports to Asia dropped 6.1% YoY.

Apart from destinations in Asia, decreases were registered in the value of total exports to some major destinations in other regions like the Mainland (-9.8%), Singapore (-4.3%) and Malaysia (-3.3%).

The value of imports of goods likewise dipped in March, declining 0.6% to $407.8b.

With a decline in exports and imports, the trade deficit clocked in at $40.6b. The trade deficit is equivalent to 10% of the value of imports.

“Looking ahead, whilst the slower growth in the advanced economies will continue to weigh on Hong Kong's export performance, the accelerated economic recovery in the Mainland and the removal of restrictions on cross-boundary truck movement between Hong Kong and the Mainland should alleviate part of the pressure. The Government will monitor the situation closely,” a government spokesperson said.