Exports sink by 12pc in first two monthsLocal | 26 Mar 2020 5:17 pm
Hong Kong's exports slumped at a high double digit rate in the first two months as overseas economies suffocate in the grip of the deadly coronavirus that is rampaging across the world having emerged in China in December.
Exports of goods tumbled by 12 percent from the same period in 2019, while imports also fell by 9.3 percent. The trade deficit was HK$69.1 billion.
Exports to leading markets, in particular the US sank by 26.4 percent in the first two months. Shipment to Japan dropped by 24.2 percent. Exports to Germany dropped by 22.3 percent, while Singapore shimpments fell by 16 percent.
The value of total exports to the mainland also dropped by 7.9 percent.
However, exports to the United Arab Emirates were up by 4.6 percent, India (+4.3%) and Vietnam (+4.2%).
The data takes into account January and February as a whole to negate the distortion caused by the difference in timing of the Lunar New Year holidays, Census and Statistics Department, said.
In February, exports increased by 4.3 percent over a year earlier to HK$238.6 billion, after a year-on-year drop of 22.7 percent in January. Imports slipped by 0.1 percent over a year earlier to HK$277.1 billion, after a year-on-year drop of 16.4 percent in January. The trade trade deficit was HK$38.6 billion.