The value of Hong Kong’s total goods exports decreased to $372.8 billion in March, down 8.9% compared with the same month last year, the Census & Statistics Department announced today.
The value of imports of goods fell 6% to $410 billion for the same period.
A trade deficit of $37.3 billion, or 9.1% of the value of imports, was recorded for the month.
Comparing the first quarter this year with the preceding quarter on a seasonally adjusted basis, the value of total exports decreased 2.9%, while that of imports fell 1.8%.
The Government said the value of merchandise exports turned to a year-on-year decrease in March amid moderating external demand and epidemic-induced disruptions to cross-boundary cargo flows between the Mainland and Hong Kong. A high base of comparison was also relevant.
Exports to the Mainland and the EU fell while those to the US posted decelerated growth. Exports to other major Asian markets saw mixed performance.
Looking ahead, elevated global inflation, major central banks’ monetary policy tightening, as well as heightened geopolitical tensions will continue to weigh on the global economic outlook, posing challenges to Hong Kong’s export performance.
Nonetheless, the stabilised local epidemic of late should be conducive to the gradual alleviation of cross-boundary transportation disruptions, thus rendering some support, the Government added.
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