The headline figure reverses the previous month’s double-digit growth.
The volatile market environment reversed Hong Kong’s double-digit export growth in October as value of total goods exports crashed 0.8% YoY to $364.3b in November, according to the Census & Statistics department.
“The value of merchandise exports, after a notable pick-up in October, eased sharply to show a modest year-on-year decline in November. Exports to the major advanced economies including the US grew by various degrees, but the performance of other markets was mixed,” a government spokesperson said in a statement.
Total exports to Asia dropped 3.6% on the back of declines in trade to major destinations like India (-29.1%), Vietnam (-8.7%), Taiwan (-5.3%) and the Mainland (-5.0%). On the other hand, exports to Thailand, Malaysia, Singapore and Japan rose by 26.8%, 25.1%, 20.4% and 3.9% respectively.
Exports to the UK and US rose by 12.1% and 5% respectively in November although fell by 4.9% in Germany.
Most commodity exports fell with non-metallic mineral manufactures crashing by 26.7% to $4.7b. The exports of textile yarn, fabrics, made-up articles and related products as well as electrical machinery, apparatus and appliances, and electrical parts thereof also fell 10.8% and 0.4% respectively.
Concurrently, the value of imports of goods inched up 0.5% YoY to $409.3b in November.
“Looking ahead, merchandise exports could be subject to pressures as global economic growth continues to moderate. Despite the recent cooling of the US-Mainland trade tensions following the agreement reached in early December, the situation is still fluid and may add to the downside risks,” the spokesperson added.
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