Hong Kong Exports Fall At Slower Pace In March

(RTTNews) - Hong Kong's exports continued to decline in March albeit at a slower pace, data from the Census and Statistics Department showed on Tuesday.

Exports of goods slid 1.5 percent on a yearly basis, following an 8.8 percent decline in February. Although exports decreased for the tenth consecutive month, this was the slowest drop in the current sequence of contraction.

At the same time, imports registered an annual fall of 0.6 percent after easing 4.1 percent in February.

Month-on-month, exports and imports were up 28.3 percent and 23.0 percent, respectively.

Consequently, a visible trade deficit of HK$40.6 billion was registered in March, smaller than the HK$45.36 billion shortfall seen in February.

For the first quarter, exports of goods decreased 17.7 percent over the same period last year. Likewise, the value of imports slid 12.7 percent. The visible trade balance showed a deficit of HK$111.6 billion in the first quarter, equivalent to 10.6 percent of the value of imports of goods.

A government spokesman said the slower growth in the advanced economies will continue to weigh on Hong Kong's export performance. Nonetheless, the accelerated economic recovery in the Mainland and the removal of restrictions on cross-boundary truck movement would help to alleviate part of the pressure.