January exports fall sharply, shipments to US skid by 33pc

Hong Kong's January exports declined sharply after a slight gain in December and imports weakened further.

Goods exports fell by 22.7 percent on year to HK$269.4 billion, after a year-on-year increase of 3.3 percent in December, the Census and Statistics Department, reported.

Trade data wad partly distorted by the difference in timing of the Lunar New Year, which fell in late January this year but in early February last year.

Shipments to the United Kingdom slumped by 37.4 percent on year. Exports to the US skidded by 33 percent on-year and Germany recorded 19.4 percent slide.

Imports also fell by 16.4 percent from the year before to HK$300 billion, after a year-on-year drop of of 1.9 percent in December 2019.

Hong Kong booked a trade deficit of HK$30.6 billion, equivalent to 10.2 percent of the value of imports of goods, in January.