Value of Hong Kong exports drop by 1.4% to $388.1b

The value of exports has fallen behind the value of imports.
 
The value of Hong Kong exports dropped by 1.4% to $388.1b in May, falling behind the value of imports which rose 1.3% to $424.8b, the Census & Statistics Department said.
 
Given the decline in export value, the trade deficit clocked at $36.7b or 8.6% of the value of imports. 
 
According to the government, the value of exports declined in May as the “global economy faced increasing headwinds.” It added that exports to the Mainland also fell further in the same month. 
 
Looking ahead, the government said the “worsened global economic prospects will continue to weigh on the city’s export performance.”
 
“The step-up in monetary policy tightening by many major central banks, the development of the Ukraine situation as well as the pandemic’s lingering threat also add uncertainties,” it added.

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