HK Aug goods exports dip 7.2%

HK Aug goods exports dip 7.2%

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The volume of Hong Kong’s goods exports and imports continued to decline in August, the statistical authority said.

Hong Kong’s total goods exports dropped 7.2% year-on-year in August, the Census & Statistics Department announced in a statement October 15.

The volume of goods imports fell 11.9% compared to the same period last year.

Goods exports prices rose 1.1% in August year-on-year, while those of goods imports increased 1%.

On a seasonally adjusted basis, the volume of goods exports fell 4.5% in the three-month period ending August compared with the preceding three months, while the volume of goods imports dropped 4.4%.

Comparing the first eight months of 2019 with the same period in 2018, the volume of goods exports fell 5.6%, while that of goods imports dropped 7.5%.

Both goods exports and imports prices increased 1.8% during the same eight-month period.

In August 2019, double-digit declines were recorded for export volume to India (-22.4%) and the US (-10.1%) compared to the same period a year ago. Export volume to mainland China and Japan decreased by 7.0% and 2.7%, respectively. Exports to Taiwan increased by 33.1%.

Export prices to the US, China, Japan and India increased in August 2019 by 2.2%, 2.0%, 0.8% and 0.4%, respectively. On the other hand, total export prices to Taiwan decreased by 0.8%.

In August double-digit declines were recorded for the import volume from Korea (-16.9%), the mainland (-13.4%) and Singapore (-12.8%) as against the same month last year. Import volume from Japan also decreased by 5.2%, while import volume from Taiwan increased by 0.6%.

Import prices from Japan, Singapore and the mainland increased by 1.7%, 1.3%, and 1.3%, respectively, in August year-on-year. Import prices from Taiwan and Korea decreased by 0.2% and 0.3%, respectively.

Photo By VictoriaOP

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