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Hong Kong's exports and imports continue to slide, hit by ongoing trade war

2019-9-30

HONG Kong's exports have slumped for the tenth month in a row with the city's outgoing trade recording a 6.3 per cent year-on-year drop amid the ongoing US-China trade war.


Hong Kong's Census and Statistics Department said exports declined to HKD352.7 billion (US$45 billion) while imports plunged 11.1 per cent to HKD380.8 billion in August.


The government figures showed that for the first eight months of the year, overseas shipments dropped 4.3 per cent while imports slid 6 per cent year on year.


Early this week, the Hong Kong Trade Development Council downgraded its forecast for the city's exports this year to a 4 per cent decline from a 2 per cent growth.


A government spokesman said "Hong Kong's merchandise export performance will likely remain weak or even worsen further in the near term" due to the slackening global economic growth and escalated US-mainland trade tensions.

 
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