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HK Jan-Feb Value of Total Exports of Goods Down 3.1% YoY
The Census and Statistics Department (C&SD) released the external merchandise trade statistics for February 2019. In February 2019, the values of Hong Kong's total exports ...
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HK Jan-Feb Value of Total Exports of Goods Down 3.1% YoY
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The Census and Statistics Department (C&SD) released the external merchandise trade statistics for February 2019. In February 2019, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 6.9% and 3.8% respectively.

As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year holidays, it is useful to analyse the trade figures for these two months taken together.

Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year holidays, the value of total exports of goods decreased by 3.1% over the same period in 2018. Concurrently, the value of imports of goods decreased by 5%. A visible trade deficit of $59.4 billion, equivalent to 9.3% of the value of imports of goods, was recorded in the first two months of 2019.

A Government spokesman said that, similar to the situations in many other Asian economies, Hong Kong's merchandise exports remained weak in early 2019, dampened by easing global economic growth and the US-Mainland trade tensions. Taking the first two months of 2019 together to remove the effect from the difference in timing of the Lunar New Year holidays, the value of merchandise exports decreased by 3.1% over a year earlier.

In the near term, the external trading environment is likely to remain challenging. While the US-Mainland trade negotiations have reportedly entered the final stage, there are still uncertainties about whether and when the two sides will reach a final agreement. Other external developments, including global growth moderation and Brexit, also warrant attention. The Government will remain vigilant.
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