Decline in Hong Kong exports to major markets paints grim economic picture; government warns pressure will continue ‘near term’

Exports in June slump by 11.4 per cent year on year, marking decline for 14th month in a row, driven by weak demand in mainland China, US and European Union

Trade deficit for June alone stood at HK$56.6 million, as exports and imports both registered declines

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Hong Kong’s export trade has dropped for the 14th month in a row. Photo: Elson Li

Published: 5:05pm, 25 Jul 2023Updated: 7:25pm, 25 Jul 2023

Hong Kong exports slumped by 11.4 per cent year on year in June, down for the 14th month in a row, driven by weak demand in mainland China, the United States and EU.

Exports fell by 15.5 per cent in the first half of 2023 compared with the same period last year and imports went down by 13.2 per cent, creating a trade deficit of HK$231.6 billion (US$29.6 billion), the Census and Statistics Department said on Tuesday.

Goods sold abroad dropped to HK$337.4 billion in June and imports were down 12.3 per cent to HK$393.9 billion, a trade deficit of HK$56.6 billion for the month.

Exports to the mainland, Hong Kong’s largest trade partner, were down 13.1 per cent year on year in June.

Exports and imports declined amid a weak global market and the world economic downturn. Photo: Roy Issa

Those to the US went down by 22.1 per cent and exports to Germany fell by 29 per cent.

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