Hong Kong Exports Decline Slows In April

Hong Kong Exports Decline Slows In April

Hong Kong’s merchandise exports decreased at a slower pace in April, as the demand from China recovered slightly as the lockdown restrictions imposed to slow the spread of the coronavirus or Covid-19 were eased, data from the Census and Statistics Department showed on Monday. Exports fell 3.7 percent year-on-year following a 5.8 percent slump in March. Imports dropped 6.7 percent after an 11.1 percent decline in the previous month. The visible trade deficit narrowed to HK$23.3 billion from HK$34.7 billion in March. In the same month last year, the deficit was HK$35.09 billion. In the first four months of the year, exports decreased 8.1 percent year-on-year, imports fell 9.1 percent and the visible trade deficit was HK $127.3 billion.

In April, exports to Asia grew 2.7 percent led by a 21.6 percent jump in exports to Taiwan. Shipments to China increased 9.4 percent. Exports to India plummeted 61.6 percent, and those to Singapore and Malaysia also recorded double-digit declines. Outside Asia, exports to the US and Germany also fell in double-digits as the coronavirus situations remained worse in these countries.

“Looking ahead, the global economy will remain sluggish until the COVID-19 pandemic is well contained,” the statistical office said. “Hong Kong’s merchandise export performance is thus expected to remain under pressure in the near term.”