The value of Hong Kong’s exports fell to $290.9 billion in January, down 36.7% compared with the same month in 2022, the Census & Statistics Department announced today.
The value of imports dropped 30.2% to $316.3 billion for the same period.
A visible trade deficit of $25.4 billion, or 8% of the value of imports, was recorded for the month.
Comparing the three-month period ending January with the preceding three months on a seasonally adjusted basis, the value of total exports decreased 13.8% while that of imports dropped 8.1%.
Total exports to Asia as a whole dropped 41.4% in January when compared with the same month last year. Decreases were also registered in exports to major destinations in other regions, in particular Germany, the US and the UK for the same period of comparison.
The Government said the value of merchandise exports fell further notably from a year earlier amid the slackened external environment and performance could also be affected by the early arrival of the Lunar New Year this year.
Looking ahead, while slower global economic growth will continue to pose severe challenges to Hong Kong’s export performance in the near term, the expected faster growth of the Mainland economy and the lifting of cross-boundary truck movement restrictions between Hong Kong and the Mainland should alleviate part of the pressure, it added.