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HK January Exports Slump

HK January Exports SlumpHK January Exports Slump

Hong Kong’s exports and imports of goods dropped in January. Exports fell by 1.2%, while imports eased by 2.7%. Exports, comprising re-exports and domestic exports, fell to HK$296.3 billion ($38.18 billion), after a year-on-year increase of 10.1% in December 2016, Hong Kong Free Press reported. Re-exports decreased by 1.1% to HK$293.1 billion in January, while the value of domestic exports dropped by 5.3% to HK$3.2 billion. Imports decreased by 2.7% to HK$308.6 billion in January, after a year-on-year increase of 8.7% in December 2016. The trade deficit was HK$12.3 billion, equivalent to 4% of the value of imports of goods, the Census and Statistics Department reported. Exports to Asia were down by 1.8%. Decreases were registered in shipments to Vietnam (-7.5%), the Chinese mainland (-5.8%), the Philippines (-2.9%) and Japan (-2.2%). On the other hand, increases were recorded in exports to Taiwan (+26.3%), India (+22.2%) and Korea (+21.7%).

 

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