Hong Kong’s merchandise exports decreased at a faster pace in May, data from the Census and Statistics Department showed on Monday.
Exports fell 7.4 percent year-on-year in May, following a 3.7 percent decrease in April. Shipments declined for the third consecutive month.
Likewise, imports declined 12.3 percent annually in May versus a 6.7 percent fall in the previous month.
As a result, the visible trade deficit narrowed sharply to HK$13.73 billion in May from HK$34.7 billion in the same month last year. In April, the deficit was HK$23.33 billion.
For the January to May period, exports decreased 8.0 percent year-on-year and imports fell 9.8 percent. The visible trade deficit was HK $141.70 billion.
In May, exports to Asia were down 4.6 percent. On the other hand, shipments to Taiwan increased 16.6 percent and that to mainland China rose 0.3 percent.
“Exports to the Mainland recorded a sharply decelerated growth, while those to many other major markets continued to decline by varying degrees,” a government spokesman said.
“Looking ahead, Hong Kong’s export performance will remain under pressure in the near term,” spokesman added. “The continued spread of COVID-19 in various places of the world is still a key threat to the global economy.”