Hong Kong's Financial Secretary John Tsang announced that Hong Kong's September export volumes are expected to fall more than 10 percent.

Ttrade performance for the rest of 2011 and early next year is not optimistic given continued weak demand from Europe and the United States, he added.

Hong Kong had earlier announced a 3 percent decline in September exports by value, the first drop in value in almost two years and will announce the September volume later this week.

"I expect that in September, the scale of declines will intensify, and continue to further contract to more than 10 percent," wrote Tsang in an online blog. "Hong Kong performance is not optimistic for the rest of the year and up to early next year."

China, Hong Kong's biggest business partner, also reported its lowest export growth for seven months in September, adding to concerns about a slowing Chinese economy.

"We know that there's no shortcut to solve the structural problems in Europe and the United States," wrote Tsang in an article penned after attending the G20 summit in Cannes, France, last week.

"The European and the U.S. economies will slow down for some time. This will inevitably affect the world, including Hong Kong's economic growth."

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