Hong Kong exports fall 20.9% in Q1

Prices of exports were 4.5% higher, however.

Hong Kong exports fell 5% year-on-year in March, according to data from Hong Kong’s Census and Statistics Department (C&SD).

Total export volumes for the Q1 quarter is down by 20.9% compared to the same quarter in 2022.

Imports are also down by 3.2% in March compared to a year ago, and 15.7% in the first quarter.

Exports and imports of goods are also lower by 0.2% and 2.6%, respectively, compared to Q4 2022.

Whilst the volume fell, the prices of exports and imports rose over the month and the quarter.

Prices of total exports of goods are 4.5% higher in March compared to prices in March 2022. Import prices rose 2.8% over the same period of comparison.

ALSO READ: Gov’t passes family office tax relief measure

On a quarterly basis, prices of exports were up 4.7%, whilst prices of imports are 3.9% higher. 

Volume-wise, total export volumes to mainland China fell by 13.6%. Exports to Vietnam, and India also fell by 4% and 1.1%, respectively.

However, export volume to Taiwan (6.1%) and the USA (9.6%) increased. 

Over the same period of comparison, the total export prices to all main destinations increased: India (7.5%), the Mainland (5.1%), the USA (4.8%), Vietnam (2.6%) and Taiwan (0.9%).

Declines in import volume were recorded from Singapore (-24.1%), Taiwan (-18.7%), the USA (-14.1%) and Japan (-10.3%) in March.

ALSO READ: Why are residential prices in Hong Kong losing growth momentum?

On the other hand, the import volume from the mainland increased by 11.1%.

Import prices from mainland China (+5.3%), the US (+2.6%), Taiwan (+2.1%), and Japan (+1.1%) all increased in March compared to March 2022.

Import prices from Singapore decreased by 1.7%.