Hong Kong export decline slows

Hong Kong’s exports fell by 13.9% to HK$213.3 billion (£16.9 billion) over the year to August, according to the external merchandise trade statistics released by the Hong Kong Census and Statistics department today.

This was an improvement on the year-on-year fall of 19.9% recorded in July.

Imports fell by 9.8% to HK$235.1 billion, following a year-on-year fall of 17.8% in July.

Hong Kong recorded a trade deficit in August of HK$21.8 billion, and a deficit of HK$121.2 billion for the first eight months of 2009.

However, a comparison of the three months to August with the preceding three months, on a seasonally adjusted basis, shows the value of exports rose by 2.3% and the value of imports increased by 8.3%.

Total exports to Asia fell by 10.7%, including an 11.1% fall in exports to China. Exports to America fell by 14.6%, to Germany by 22.9% and to Britain by 21.8%.

On a commodity basis, the biggest declines in exports were in clothing, which fell by 18.0% and electrical machinery, which fell by 15.0%.

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