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Financial News: Hong Kong Exports Fall For Third Month

Hong Kong Exports Fall For Third Month

08/25/2022 - 05:18:00 (RTTNews)

(RTTNews) - Hong Kong's merchandise exports decreased for the third straight month in July, while imports fell for the first time in four months, data from the Census and Statistics Department showed on Thursday.

Exports fell 8.9 percent year-on-year in July, faster than the 6.4 percent decrease in June.

Imports declined notably by 9.9 percent annually in July, reversing a 0.5 percent rise in the previous month.

As a result, the trade deficit narrowed to HK$27.554 billion in July from HK$34.981 billion in the corresponding month last year. In June, there was a shortfall of HK$68.533 billion.

"Looking forward, Hong Kong's export performance will continue to be dragged by the weakening global growth momentum," a government spokesman said.

"Aggressive monetary policy tightening in advanced economies to curb inflation will weigh on global demand, along with heightened geopolitical tensions and pandemic-induced supply-chain disruptions, also add to the headwinds."

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