Hong Kong exports in 2019 record sharpest drop in a decade at 4.1 per cent amid US-China trade war

The year-on-year drop, together with a 6.5 per cent decrease in imports, resulted in a trade deficit of US$55 billion last year

Coronavirus outbreak may further disrupt city’s economic activities, government spokesman says

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Hong Kong, which counts mainland China as its biggest trade partner, is likely to suffer economically from the coronavirus outbreak. Photo: Roy Issa

Published: 8:05pm, 30 Jan 2020Updated: 11:03pm, 30 Jan 2020

Hong Kong exports recorded their sharpest drop in a decade in 2019, down 4.1 per cent under the shadow of the US-China trade war.

The year-on-year drop, together with a 6.5 per cent decrease in imports, resulted in a trade deficit of HK$426.8 billion (US$55 billion) last year, the Census and Statistics Department said on Thursday.

A government spokesman said this was the sharpest annual decline in exports since 2009.

“Hong Kong’s export performance is still subject to high uncertainties in the near term,” he said. “Attention should be paid to the coronavirus outbreak as it may weigh on the performance of some Asian economies and disrupt Hong Kong’s economic activities as well.”

He added that, though global economic conditions showed signs of stabilisation in the latter half of 2019, there were still challenges from Brexit and regional tensions.

Hong Kong was exposed to the trade war for all of 2019. The dispute, which started in the middle of 2018, came to a breakthrough last month with the signing of a “phase one” deal. Further talks between the two economic superpowers are expected to end the trade war, during which the US and China have imposed punitive tariffs on each other’s goods.