HK exports fall again as pandemic dents trade

Business | Kevin Xu 26 May 2020

Hong Kong's exports in April fell 3.7 percent over a year earlier to HK$309.5 billion, for a second straight month of decreases, as the Covid-19 outbreak continues to weigh on global trade, though the decline was lower than the 5.8 percent fall seen in March.

Imports fell 6.7 percent to HK$332.8 billion in April from a year before, after a year-on-year decrease of 11.1 percent in March.

The trade balance improved from the previous month to a deficit of HK$23.3 billion.

Exports to the United States plunged 24.6 percent year-on-year in April, while exports to the mainland grew 9.4 percent.

In the first four months, exports decreased by 8.1 percent year-on-year, and imports 9.1 percent. A trade deficit of HK$127.3 billion was recorded from January to April.

"Looking ahead, the global economy will remain sluggish until the Covid-19 pandemic is well contained. Hong Kong's merchandise export performance is thus expected to remain under pressure in the near term," the government said.

Meanwhile, Citibank expects Hong Kong to retain its special trade status in the short term.

The US State Department has delayed a report to Congress assessing whether Hong Kong enjoys sufficient autonomy from China to continue receiving special treatment from the United States.

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