ECONOMY | Staff Reporter, Hong Kong

Trade jitters dampen export growth to 3.3% in June

This comes from 12.9% expansion in May.

Hong Kong’s June export growth has slowed from 12.9% in May to low single-digit 3.3% YoY to $40.3b, according to the Census & Statistics department, as rising tensions between the US and China are dampening trade in the nearby SAR.

“Looking ahead, whilst growth momentum of the global economy has been sustained so far this year, rising trade conflicts between the US and other major economies could weigh on global economic sentiment and trade expansion going forward, posing downside risks to Hong Kong's export outlook. 

Also read: Trade tensions could hammer up to 2.2% of Hong Kong exports

Total exports to Asia inched up 1.1% YoY in June with Vietnam and Thailand leading the growth at 19.4% and 19.3%. Exports to the Malaysia, Philippines, Japan and the Mainland also rose 14.9%, 8.1%, 4.9% and 2.9% over the same period.

However, trade to Taiwan and India crashed 25% and 23.7% in June respectively.

Also read: Trade war could cut 1% of Hong Kong's GDP

In terms of commodity, exports of electrical machinery, apparatus and appliances, and electrical parts booked the largest growth at 11.5% to $13.6b.

Manufactured articles including jewellery, goldsmiths’ and silversmiths wares also inched up 7.3% to $1.3b followed by office machines and automatic data processing machines which rose 5.6% to $2b.

Goods imports also rose 4.4% YoY to $394.5b in June.

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