Exports value dips by 5.3% YoY to $380.3b in September

The pace of decline has picked up.

The value of exports fell at a faster pace in September 2023, declining 5.3% YoY to $380.3b.

In August, the value of exports fell 3.7% YoY.

By major commodity, the export value dropped $20.9b or -10.1% for "electrical machinery, apparatus and appliances, and electrical parts thereof." 

Data from the Census & Statistics Department (C&SD)  also showed that total exports to Asia dropped 7.3% YoY.

Apart from destinations in Asia, decreases were registered in the value of total exports to some major destinations in other markets, particularly Singapore (-44.8%), the Philippines (-18.6%), Japan (-14.5%) and the mainland of China (the Mainland) (-9.7%).

The value of imports of goods likewise dipped in September, declining 0.4% YoY to $444.9b.

With the decline in exports and imports, the trade deficit clocked in at $64.6b. The trade deficit is equivalent to 14.5% of the value of imports.

“Looking ahead, the difficult global economic environment and the evolving geopolitical situation will continue to weigh on Hong Kong's export performance in the near term,” the government said.