Slimmer export growth in June as US, EU shipments drag

Hong Kong’s export growth in June narrowed to 11.9 percent year-on-year, slower than expected, weighed down by declines in shipments to the US and EU despite strong gains in the mainland and other Asian markets.

The total value of exports in June reached HK$417.8 billion, while imports rose 11.1 percent year-on-year to HK$476.7 billion – also falling short of market expectations – according to data released by the Census and Statistics Department on Monday. Trade data showed a visible deficit of HK$58.9 billion for the month.

Exports to several major destinations outside Asia declined notably, with shipments to the Netherlands falling 35.5 percent and those to the United States by 12.1 percent.

In contrast, shipments to most Asian markets saw robust growth, with strong increases to Malaysia and the Philippines by 52.6 and 48.3 percent, respectively, followed by Vietnam's 37.6 percent, mainland China's 18.3 percent, and India's 12.5 percent.

Looking ahead, the government said that sustained steady growth in various Asian economies, especially the mainland, along with Hong Kong’s strengthened economic and trade ties with other markets, should continue to support merchandise trade performance.

STAFF REPORTER