Exports down 2.6% to $321.5b in April

Double digit export volume declines were recorded in India, Taiwan and the US.

The value of Hong Kong’s total exports dipped 2.6% YoY in April to $321.5b, whilst the value of imports of goods fell 5.5% YoY to $356.6b, data from the Census & Statistics Department (C&SD) revealed.

A visible trade deficit of $35.1b, equivalent to 9.8% of the value of imports of goods, was recorded in April as well.

For the first four months of 2019 as a whole, YoY decreases were registered in the values of total exports to some major destinations, in particular India (-25.6%), Taiwan (-14.9%), the US (-11.0%), Japan (-5.5%) and mainland China (-5.2%). However, YoY increases were registered in the values of total exports to Singapore (21.3%) and the Netherlands (11.2%).

Comparing April 2019 with April 2018, declines were registered in the values exports of some principal commodity divisions, in particular office machines and automatic data processing machines by $3.6b or -9.9%, miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) by $1.8b or -8.6%, and textile yarn, fabrics, made-up articles and related products by $700m or -12.9%.

However, an increase was registered in the value of total exports of electrical machinery, apparatus and appliances, and electrical parts thereof by $1.8b or 1.5%.

“The near-term outlook for Hong Kong's exports is subject to a high level of uncertainty. It will hinge, to a large extent, on how US-Mainland trade tensions will evolve,” C&SD noted.