Hong Kong Exports Decline Further

Exports from Hong Kong shrank by 13% from a year earlier to $338.3 billion in April 2023, less than market forecasts of 21.6% fall and slipping further from a 1.5% drop in March.

The latest figure pointed to the twelfth consecutive month of decline, due to lower sales in electrical machinery, apparatus and appliances & electrical parts (-19.3%), telecommunications & sound recording & reproducing apparatus (-21.5%) and office machines & automatic data processing machines (-11.5%), professional, scientific & controlling instruments & apparatus (-8.6%), non-metallic mineral manufactures (-7.3%) and articles of apparel & clothing accessories (-3.3%).

Meanwhile, shipments surged for power generating machinery and equipment (75.1%).

Among key trade partners, exports fell to China (-12.9%), USA (-19.9%), India (-19.7%), Taiwan (-18.2%), Vietnam (-19.6%), Japan (-10.2%), UAE (-2.5%), Singapore (-21.1%), South Korea (-4.7%), while it rose softer for Netherlands (1.2%).