Hong Kong Exports Fall Sharply In August

(RTTNews) - Hong Kong's exports and imports declined sharply in August, data from the Census and Statistics Department showed on Monday.

Exports plunged 14.3 percent year-over-year in August, faster than the 8.9 percent fall in July. This was the fourth successive monthly decline.

The downward trend in exports was largely driven by a marked fall in outflow of electrical machinery, apparatus and appliances, and electrical parts thereof, telecommunications and sound recording and reproducing apparatus and equipment, and office machines and automatic data processing machines.

Imports also decreased notably by 16.3 percent annually in August, after falling 9.9 percent in the previous month.

The trade deficit narrowed to HK$13.264 billion in August from HK$26.298 billion in the corresponding month last year. In July, there was a shortfall of HK$27.554 billion.

"Looking forward, Hong Kong's export performance will face immense pressure alongside the deteriorating external environment," a government spokesman said.

"Elevated inflation in major advanced economies and aggressive interest rate hikes by relevant central banks in response will continue to dampen global demand, and heightened geopolitical tensions and supply-chain disruptions also add uncertainties."