Exports value fall 28.9% YoY to $348.1b in December 2022

The deteriorating external environment contributed to the fall.

The drop in the value of goods exports continued to widen in December 2022, falling 28.9% YoY to $374.77b.

According to the  Census & Statistics Department (C&SD), the larger decrease in value reflects the  "significant drags of the deteriorating external environment and disruptions to cross-boundary land transportation."

"Exports to the Mainland, the United States and the European Union all continued to fall sharply. Exports to other major Asian markets recorded decreases of varying degrees," C&SD added.

Data from the C&SD showed that total exports to Asia dropped 29.2% YoY, whilst values of total exports to the Mainland and the United States fell 30.4% YoY and 26.7% YoY, respectively.

The value of goods imports likewise dipped in December, declining 23.5% YoY to $399.7b.

With a decline in exports and imports, the trade deficit clocked in at $51.6b. The trade deficit is equivalent to 12.9% of the value of imports.

Looking forward, C&SD said that Hong Kong’s export performance will "continue to be adversely affected by the weak global growth in the near term.