Export volume down 6.2% in H1

Total exports continued to decline for the fourth-straight month in June.

Hong Kong’s total exports of goods dipped 6.2% YoY in the first six months of the year, data from the Census & Statistics Department (C&SD) revealed. Imports also shrunk 8.5% YoY over the same period.

This is despite the improvement recorded in Q2 compared to the previous quarter. Total exports rose 5.5% in Q2 compared to Q1, whilst imports edged up 0.9%.

However, volumes were still down compared to a year earlier. The total exports of goods continued to decline for the fourth straight month in June, dipping 0.6% YoY. Total imports dropped 6.3% YoY in the same month.

Also Read: Exports down 7.4% in May

The first six months of the year saw export and import prices decline by 0.8% YoY and 0.7% YoY, respectively, compared to H1 2019. Import prices also dropped 0.7% YoY.

For the month of June, double-digit declines were recorded for export volumes to India (-36.1%), USA (-18.2%) and Japan (-16.3%) compared to volumes in June 2019.

On the other hand, export volumes to mainland China and Taiwan increased by 8.3% YoY and 12.2% YoY, respectively.

Over the same period, the total export prices to the USA (-2.7%), India (-2.4%), Japan (-1.9%) and Taiwan (-0.3%) shrunk. On the other hand, the total export prices to the Mainland increased by 0.5%.

Meanwhile, import volumes from Japan, Korea, and mainland China fell by 11.2% YoY, 6.7% YoY, and 4.9% YoY compared to a year earlier.

Meanwhile, import volume from Singapore and Taiwan rose by 3.6% YoY and 17.9% YoY, respectively.