Imports and exports recover in September

Finance | Avery Chen 28 Oct 2020

Hong Kong's September exports rose by 9.1 percent from a year earlier to HK$379.3 billion after a decline of 2.3 percent in August, mainly due to the recovery of the Chinese economy.

Imports, meanwhile, increased by 3.4 percent to HK$392 billion last month, after a decrease of 5.7 percent in August.

A trade deficit of HK$12.7 billion, equivalent to 3.2 percent of import value, was recorded in September.

For the first nine months of this year, total exports fell 4 percent, while imports dropped by 6.8 percent.

A government spokesman said that merchandise exports turned to a notable increase in September, mainly led by the acceleration in exports to the mainland, which increased 17 percent from a year ago.

Exports to the United States reverted to moderate growth, and those to the European Union saw a narrowed decline in September, thanks to the economic recovery in these markets.

The solid recovery of the mainland economy will likely render some support to Hong Kong's exports in the near term, the spokesman said.

But the resurgence of Covid-19 infections in some advanced markets has cast uncertainty over their near-term outlook, while the development of Sino-US relations, geopolitical tensions and the EU-UK trade negotiations also warrant attention, he said.

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