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Hong Kong exports fall 5.7 per cent as US-China trade war bites
- Exports shrink to HK$339 billion in July on same month last year, official city figures show
- Government says weakening economic growth globally and US-China relations have affected performance
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Hong Kong trade started the second half of the year on a sour note, with exports tumbling 5.7 per cent in July year on year amid the deepening US-China trade war.
Exports shrank to HK$338.6 billion (US$43 billion) while imports fell 8.7 per cent, to HK$370.8 billion, compared with the same month last year, according to figures published by the Census and Statistics Department on Monday. This left a trade deficit of HK$32.2 billion in July.
The government said July’s performance was affected by a softening of global economic growth and US-China trade tensions.
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“In the face of the difficult external environment and the further escalation of US-mainland trade tensions in September, Hong Kong’s near-term export performance should remain sluggish or may even weaken further,” a government spokesman said.
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Before the announcement of the trade figures, the benchmark Hang Seng Index plunged by as much as 941 points, or 3.59 per cent, on Monday before closing the day 499 points, or 1.91 per cent, lower at 25,680, as the deepening trade war between the two world superpowers caused market jitters.
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