Hong Kong’s exports contracted for 14th consecutive month in Jun amid slowdown in global demand
DATA MACRO
Hong Kong’s exports contracted for 14th consecutive month in Jun amid slowdown in global demand
DATA MACRO

Hong Kong’s exports contracted for 14th consecutive month in Jun amid slowdown in global demand

 

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Hong Kong’s exports dropped 11.4% to HK$337.4 billion in June from a year earlier, according to the official data released by the government, falling for the 14th straight month, but better than the market’s expected 15.1%.

The value of goods imported fell by 12.3% to HK$393.9 billion, leaving the city a trade deficit of HK$56.6 billion in June – equivalent to 14.4% of the value of imported goods.

In the first half of 2023, total goods exports fell by 15.5% on yea, while goods imports plunged by 13.2%, resulting in a trade deficit of HK$231.6 billion.

A government spokesman blamed “challenging external economic conditions” for the decline in the value of merchandise exports.