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Eddie Lee

Hong Kong's exports declined again last month, extending a downward spiral that one leading economist said was unlikely to change for the rest of the year because of global economic uncertainties.
The city's total exports of goods decreased 3.1 per cent year-on-year to HK$299.5 billion in June, after a year-on-year fall of 4.6 per cent in May.
Exports dropped in three of the first six months this year. For the first half as a whole, the value of total exports of goods rose 0.1 per cent year-on-year, the Census and Statistics Department said yesterday.
Last month the value of imports was down 2 per cent over a year earlier to HK$345.3 billion, after a year-on-year decrease of 4.7 per cent in May. The value of imports fell 1 per cent year-on-year for the first half as a whole.
Merchandise exports remained weak in June, mainly reflecting sluggish global demand, a government spokesman said.
While exports to some emerging markets in Asia like Vietnam registered further notable growth last month, widespread weakness prevailed across other major markets, such as mainland China and the United Kingdom, the government's figures showed.
The Hong Kong government blamed the lacklustre performance of the export sector on the unsteady external environment, adding that the unresolved debt problem in Greece and geopolitical tensions in various regions would continue to constrain the city's export performance in the near term.
Bank of East Asia chief economist Paul Tang Sai-on pointed out that Hong Kong's trade performance coincided with that of mainland China in recent months.
"The mainland's manufacturing sector did not fare well and the trend is likely to continue in the short term," Tang said.
He predicted that Europe's economic uncertainty would linger on for at least a few more months and keep taking its toll on the exports sector in Hong Kong and mainland China.
But he played down the potential impact of a possible interest rate rise in the United States on Hong Kong's trade industry.
"The US can raise the interest rate only when its economy remains healthy," he said, noting that Hong Kong's exporters could benefit from the growing American demand.
All eyes are now focused on whether the US Federal Reserve will announce a rate rise later this year.


Hong Kong's exports fall 3.1pc year on year as downward slide continues

The city's total exports of goods decreased 3.1 per cent year-on-year to HK$299.5 billion in June, after a year-on-year fall of 4.6 per cent in May. Photo: Edmond So

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