Exports value drop 10.4% YoY to $374.77b in October

The deterioration of the external economic environment contributed to the fall.

The value of goods exports fell 10.4% YoY to $374.77b in October, the Census & Statistics Department (C&SD) reported.

According to the C&SD, this is likely because the external economic environment deteriorated and disruptions to cross-boundary land transportation continued.

"Exports to the Mainland, the US and the EU recorded double-digit declines, and those to most other major Asian markets saw a worsened performance," C&SD added.

The value of goods imports likewise dipped in October, declining 11.9% YoY to $395.5b.

With a decline in exports and imports, the trade deficit clocked in at $20.9b. The trade deficit is equivalent to 5.3%of the value of imports.

Looking forward, C&SD said that Hong Kong’s export performance will stay under immense pressure as elevated inflation and further monetary policy tightening in major advanced economies will suppress global demand in the near term.