Home » Breaking News, Customs & Trade » Dull global economy drags down HK exports

Union_Square_OverviewThe value of Hong Kong’s total goods exports fell 1.1% year-on-year in December 2015 to HKD309.2 billion, after a year-on-year decrease of 3.5% in November 2015, mirroring the sluggish pace of global economic expansion, the Census & Statistics Department said.

Within this total, the value of re-exports in December 2015 decreased by 1.1% to HKD305.5 billion, while the value of domestic exports decreased by 8.1% to HKD3.7 billion.

For 2015 as a whole, total exports of goods dropped by 1.8% from 2014, of which re-exports decreased by 1.6%, while domestic exports fell by 15.2%.

Comparing the fourth quarter of 2015 with the preceding quarter on a seasonally adjusted basis, the value of total goods exports remained virtually unchanged. The value of re-exports remained steady, while that of domestic exports fell 2.2%.

In December 2015, total exports to Asia went down by 0.1% year-on-year, with decreases registered in particular for Malaysia, South Korea, Taiwan, Thailand, Singapore, and Japan. On the other hand, increases were recorded for Indonesia, India, and China.

Declines were also registered in some major destinations outside the region, in particular the United Kingdom, U.S., and Germany.

In terms of principal commodities, falls were likewise logged in the values of overall exports in December 2015 against the same month a year ago, in particular office machines and automatic data processing machines, and miscellaneous manufactured articles (mainly jewelry). However, increases were booked in the total exports of electrical machinery, apparatus and appliances, and electrical parts; and professional, scientific and controlling instruments and apparatus.

For 2015 as a whole, year-on-year backslides were recorded for most principal commodity exports, in particular office machines and automatic data processing machines, apparel and clothing accessories, and miscellaneous manufactured articles (mainly jewelry). However, a year-on-year increase was registered for exports of the group of electrical machinery, apparatus and appliances, and electrical parts.

A government spokesman noted that the value of merchandise exports continued to record a year-on-year drop in December 2015, though at a narrower pace, echoing the subdued regional production and trading activities amid the sluggish global demand conditions. Exports to most of the major markets were still weak.

Looking ahead, the official said the external trading environment will remain challenging. “The tepid global economic growth, coupled with uncertainties stemming from monetary policy normalisation in the US, diverging monetary policy among major central banks and heightened geopolitical tensions in various regions, would continue to constrain Hong Kong’s export performance in the near term.”

Photo: Wing

 

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