export import
Hong Kong’s import and export deteriorated. In May, the overall export value dropped by another 15.6% year-on-year, falling for 13 consecutive months, to 327.6 billion yuan, an increase of 2.6 percentage points from the decline in April, and the second worst this year, second only to the 36.7% drop in January. Market expectations were for an 11.1% decline. The value of imported goods fell by 16.7% to 354 billion yuan last month, and the decline increased by 4.8 percentage points month-on-month, which was worse than expected and fell for 11 consecutive months.
A government spokesman said that the value of merchandise exports fell further year-on-year last month due to the weak external environment. Exports to all major markets recorded declines of varying degrees. Weakness in advanced economies is expected to continue to pose challenges to Hong Kong’s exports going forward, although faster economic growth in the Mainland should offset some of the negative impact.
Export Import Trade
The export of Daxin materials dropped by 10% in the whole year
The economic research and investment strategy department of Dah Sing Bank (2356) pointed out that the performance of Hong Kong’s foreign trade continued to be weak, and the year-on-year decline in exports expanded last month, which was worse than the bank’s expected decline of 9.6%, which was also the largest decline in four months. It was greater than the expected 10.2%. As imports fell more than exports, the trade deficit narrowed to 26.4 billion yuan, narrowing for three consecutive months.
The bank pointed out that the pace of economic recovery in the Mainland is uneven, and manufacturing activities show signs of contraction. Recently, a number of economic support measures have been introduced one after another, which may help stabilize the Mainland’s demand for Hong Kong’s export goods. In addition, major central banks continue to raise interest rates and may maintain interest rates at restrictive levels for a period of time. Coupled with the slowdown in economic growth prospects in Europe and the United States, external real demand will continue to be suppressed. It is expected that Hong Kong’s exports will decline by 5% to 10% this year.
2023-06-27 21:33:48
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