Hong Kong's exports in May for the 13th consecutive month declined. Due to weak demand from mainland China and the world, it continued to challenge Hong Kong's economic prospects.
According to Bloomberg report, the Hong Kong Government Statistics Office announced on Tuesday (June 27) that the overall export value of the goods in May decreased by 15.6%compared with the same period of the previous year.Bloomberg's expectations of economists' expectations decreased by 11.1%.
In May, the value of goods imports decreased by 16.7%year -on -year, and the decrease exceeded the medium value of 10.2%in the expected decrease of Bloomberg's survey.The monthly trade deficit was HK $ 26.4 billion (about S $ 4.5 billion).
The exports were fully weak, and the exports to the mainland in May decreased by 17.5%year -on -year, a decrease of 12.9%higher than April.At the same time, exports to India decreased by 30.7%, and exports to the United States, Japan and South Korea also declined.
Star Show Bank economist Xiemuel (translated, Samuel TSE) analyzed that the interest rate hikes of Hong Kong's major trading partners suppressed demand and led to a decline in exports.He added that another factor was that Hong Kong's freight and capacity were still lower than the level before the crown disease.
Xiemuel said that the trade performance of Hong Kong in the second half of the year will depend on whether the mainland economy rebounds under stimulating measures and the recovery of factory activities of other trading partners.
