Exports value dips by 9.1% YoY to $345.2b in July

The pace of decline, however, has moderated.

The value of exports fell further in July 2023, declining 9.1% YoY to $345.2b.

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

In June, the value of exports fell 11.4% YoY.

By major commodity, the export value dropped $27.5b or -14.6% for "electrical machinery, apparatus and appliances, and electrical parts thereof” and by $7.7b or -19.0% for "office machines and automatic data processing machines.”

Data from the C&SD also showed that total exports to Asia dropped 11.6% YoY.

Apart from destinations in Asia, decreases were registered in the value of total exports to some major destinations in other markets like the Philippines (-29.6%), Malaysia (-24.6%), Korea (-17.4%), the mainland of China (-15.2%) and Japan (-13.2%).

The value of imports of goods likewise dipped in July, declining 7.9% YoY to $$375.1b.

With the decline in exports and imports, the trade deficit clocked in at $30.0b. The trade deficit is equivalent to 8.0% of the value of imports.

“Looking ahead, a difficult external environment will continue to weigh on Hong Kong's export performance in the near term,” the government said.