Exports value dips by 3.7% YoY to $358.3b in August

The pace of decline, however, has moderated.

The value of exports fell further in August  2023, declining 3.7% YoY to $358.3b.

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

In July, the value of exports fell 9.1% YoY.

By major commodity, the export value dropped $11b or -24.9% for "office machines and automatic data processing machines" and by $3.7b or -25.7% for "professional, scientific and controlling instruments and apparatus.”

Data from the C&SD also showed that total exports to Asia dropped 3.7% YoY.

Apart from destinations in Asia, decreases were registered in the value of total exports to some major destinations in other markets like Germany (-24.5%) and the USA (-13.2%).

The value of imports of goods likewise dipped in August, declining 0.3% YoY to $383.9b.

With the decline in exports and imports, the trade deficit clocked in at $25.6b. The trade deficit is equivalent to 6.7% of the value of imports.

“Looking ahead, weak external demand for goods will continue to weigh on Hong Kong's export performance in the near term,” the government said.