Export and import volumes fall in June as prices soar in Hong Kong

Export volume dropped by 12.5% YoY whilst imports decreased by 6.9% YoY.

Export and import volumes fell by 12.5% YoY and 6.9% YoY, respectively as prices of goods soar, a report by the Census and Statistics Department revealed.

Comparing the first half of 2022 with the same period in 2021, the volume of Hong Kong's total exports of goods and imports of goods decreased by 7.5% and 6.8% respectively.

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Meanwhile, the prices of export and imports increased by 7.6% and 8.4% respectively.  For H1 2022, the prices of total exports of goods and imports of goods increased by 9.1% and 9.7% respectively compared to a year before.

Export  and import from other countries

In June, total export volume to mainland China fell by 17.8% compared to a year before. Similarly, export volume to other countries like the USA (-10.7%) and Taiwan (-7.1%) decreased. On the other hand, the total export volume to Vietnam (31.8%) and India (71.9%) increased.

Comparing the same period, total export prices in some main destinations increased like in Taiwan (9.4%), the Mainland (9.2%), the USA (6.4%), Vietnam (4.9%) and India (4.3%).

Meanwhile, import volume decreased by 31.4% in Korea, 18.6% in China, and 5.1% in Japan. Import volume from Taiwan and Singapore, however, increased by 9.2% and 9.5% respectively.

Hong Kong also saw import prices from all main suppliers increase like China (11.9%), Korea (9.3%), Taiwan (7.9%), Singapore (5.9%) and Japan (1%).