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Denise Tsang

The recent weakness in Hong Kong’s exports worsened in August, recording a 6.3 per cent year-on-year drop amid the ongoing US-China trade war.
Exports declined to HK$352.7 billion (US$44.9 billion) while imports shrank 11.1 per cent to HK$380.8 billion, leaving a deficit of HK$28 billion, the Census and Statistics Department said on Thursday.
The decline in exports accelerated from July, when they fell 5.7 per cent from the same period a year ago. For the first eight months, overseas shipments dropped 4.3 per cent while imports slid at a bigger magnitude, at 6 per cent year on year.
Hong Kong exports dropped for 10 months in a row including August.




“The value of merchandise exports continued to record a visible year-on-year decline in August 2019, weighed by slackening global economic growth and escalated US-mainland trade tensions,” a government spokesman said.
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“Uncertainties associated with the development of US-mainland trade tensions will continue to pose downside risks to the already subdued external trading environment. Hong Kong’s merchandise export performance will likely remain weak or even worsen further in the near term.”
Hong Kong’s trade promotion body, the Trade Development Council, on Monday downgraded its forecast on the city’s exports this year to a 4 per cent decline from 2 per cent growth previously because of the snowballing trade war and geopolitical issues in Britain and Northeast Asia.
Hong Kong’s merchandise export performance will likely remain weak or even worsen further in the near term
Government spokesman
After on-off talks, US President Donald Trump said on Wednesday that a deal to end the trade war “could happen sooner than you think” about two weeks before a fresh round of high-level bilateral discussions.
More bad news on Hong Kong exports was expected for September, as Washington increased tariffs on mainland goods in stages. By the end of the year, punitive tariffs could be imposed on a total of US$550 billion worth of Chinese exports. The latest increases were triggered by Beijing’s decision to levy tariffs on a total of US$75 billion worth of American goods.

Dennis Ng Wang-pun, president of business chamber the Chinese Manufacturers’ Association, expected the city’s exports to decline by a single-digit rate this year and next.
“I am conservative with the forecast and will not be surprised if it declines at a double-digit rate,” he said. “It is impossible to see exports in a good shape from September to December as new tariffs took effect.”
In August, Hong Kong’s exports to the Asia market were down 4.8 per cent year on year, led by Malaysia (21.6 per cent lower), India (20.8 per cent lower) and Thailand (down 16.5 per cent). The figure for the city’s largest export market, mainland China, slipped 5.2 per cent.
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Exports to the United States dropped 8.8 per cent and by 13.3 per cent to Britain. The ongoing saga of Britain’s exit from the European Union without a deal continues to plague the country.
In Northeast Asia, meanwhile, tensions between Japan and South Korea have escalated since July, when Tokyo tightened controls on exports to its neighbour.
The benchmark Hang Seng Index closed 96.6 points, or 0.37 per cent, higher at 26,041.9 on Thursday before the government revealed the latest trade figures.


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Hong Kong trade woes worsen as exports drop 6.3 per cent in August amid ongoing US-China trade war

Hong Kong exports have declined for 10 months in a row. Photo: Winson Wong

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Exports declined to HK$352.7 billion while imports shrank 11.1 per cent to HK$380.8 billion, leaving a deficit of HK$28 billion
Hong Kong exports have dropped for 10 months in a row



Exports declined to HK$352.7 billion while imports shrank 11.1 per cent to HK$380.8 billion, leaving a deficit of HK$28 billion, the Census and Statistics Department said.


US-China trade war

Hong Kong economy

Hong Kong trade woes worsen as exports drop 6.3 per cent in August amid ongoing US-China trade war

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;} Exports declined to HK$352.7 billion while imports shrank 11.1 per cent to HK$380.8 billion, leaving a deficit of HK$28 billion Hong Kong exports have dropped for 10 months in a row

Exports declined to HK$352.7 billion while imports shrank 11.1 per cent to HK$380.8 billion, leaving a deficit of HK$28 billion

Hong Kong exports have dropped for 10 months in a row