The value of Hong Kong s exports in July fell by 9.1% year-on-year falling for 15 consecutive months

The Census and Statistics Department of the Hong Kong Special Administrative Region Government announced on the 24th that the overall export value of Hong Kong in July 2023 was 345.2 billion yuan (Hong Kong dollars, the same below), a year-on-year decrease of 9.1%. The data recorded a decline for 15 consecutive months.

Analyzed by country and region, the value of Hong Kong's overall exports to Asia fell by 11.6% year-on-year in July this year. Among them, the Philippines decreased by 29.6%, Malaysia decreased by 24.6%, South Korea decreased by 17.4%, the mainland decreased by 15.2%, and Japan decreased by 13.2%, while exports to Thailand increased by 11.5%. As for other major destinations, exports to Germany decreased by 22.5%, and the United States decreased 5.8%, while exports to the UK rose 34.6%.

Dah Sing Bank's Economic Research and Investment Strategy Department stated that Hong Kong's foreign trade performance continued to be weak, but the decline has narrowed. During the period, the decline in exports to major regions other than the mainland narrowed, while exports to the mainland accounted for more than half of Hong Kong's total exports, and the decline in exports to the mainland expanded to 15.2%, which may reflect that demand in the mainland is still weak.

The Economic Research and Investment Strategy Department of Dah Sing Bank believes that the Mainland has recently introduced a number of economic measures to support domestic demand, which may help stabilize the Mainland's demand for Hong Kong's exports. On the other hand, the interest rate hikes of major central banks have not stopped, and the slowdown in economic growth prospects in Europe and the United States may continue to curb external real demand. It is estimated that Hong Kong's overall exports this year may decline by 5 to 10%.

A spokesman for the SAR government said that due to the difficult external environment, Hong Kong's export performance will continue to be under pressure in the short term.

In addition, following the 12.3% year-on-year decline recorded in June this year, the value of imported goods in July was 375.1 billion yuan, a year-on-year decrease of 7.9%, and a tangible trade deficit of 30 billion yuan was recorded, which is equivalent to 30% of the value of imported goods. 8%.