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Feb exports value down 0.8%

The value of Hong Kong’s total exports decreased to $284.1 billion in February, down 0.8% on the same month last year, the Census & Statistics Department announced today.   The value of imports of goods fell 1.8% to $325.7 billion for the same period.   A trade deficit of $41.7 billion, or 12.8% of the value of imports, was recorded in February.   Comparing the three-month period ending February with the preceding three months on a seasonally adjusted basis, the value of exports rose 5.5%, while that of imports also increased 3.3%.   The Government noted that taking the first two months of the year together to remove the volatility caused by the difference in timing of the Lunar New Year, the value of exports posted a 16.6% growth against a very low base of comparison a year ago.   Exports to the Mainland and the US rose notably, while those to the European Union fell. Those to other major Asian markets recorded a mixed performance.   Looking ahead, the Gove

HK economic outlook positive: FS

Hong Kong’s economy is expected to resume a 3.5% to 5.5% growth in real terms this year, though the progress of economic recovery will hinge on the epidemic’s development.   Unveiling his 2021-22 Budget today, Financial Secretary Paul Chan told lawmakers that the economy will still face significant challenges in the first half of the year as cross-boundary and tourism activities take time to resume normal.   However, he said if people work together to control the epidemic and social stability is maintained, the economic recovery will likely gain a stronger momentum in the second half of the year in tandem with an anticipated rebound in the global economy.   On inflation, he expected external price pressures will remain modest, with the projected headline inflation rate and the underlying inflation rate at 1.6% and 1% this year.   The finance chief said in the medium term, Hong Kong will continue to benefit from the Mainland’s ongoing development and the shift in global economic gravity from West to East.   He predicted Hong Kong’s economy will see an annual average of 3.3% growth in real terms from 2022 to 2025, while the underlying inflation rate will average 2%.
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