Hong Kong exports record first annual drop since 2009
But economists play down possibility of continued slump, saying market should pick up this year
The city’s exports last year posted their first annual drop since 2009, reflecting subdued regional production and trading activity amid sluggish global demand.
But a leading economist remained optimistic that the city’s export sector would return to growth this year, with the world’s major central banks stepping up efforts to boost domestic demand and shore up sagging economies.
In December, the value of total exports of goods decreased 1.1 per cent year on year to HK$309.2 billion, after a year-on-year fall of 3.5 per cent in November, the Census and Statistics Department said.
For 2015 as a whole, the value of the city’s goods exports declined 1.8 per cent from 2014.
Comparing December 2015 with December 2014, total exports to Asia as a whole went down by 0.1 per cent.
Falls were also registered in the value of total exports to some major destinations in other regions. Exports to Britain fell by 3.8 per cent year on year, while exports to the United States dipped by 0.7 per cent in December.