29th May 2023 – (Hong Kong) According to the latest external merchandise trade statistics released by the Census and Statistics Department (C&SD), Hong Kong’s total exports and imports of goods both recorded year-on-year decreases in April 2023, at 13.0% and 11.9% respectively. For the first four months of 2023 as a whole, the value of total exports of goods decreased by 16.5% over the same period in 2022, while the value of imports of goods decreased by 12.5%.
The spokesman for the Hong Kong Government noted that the weakness in the advanced economies will continue to weigh on Hong Kong’s export performance, although the expected faster recovery of the Mainland economy should provide some relief. The Government will closely monitor the situation.
Comparing April 2023 with April 2022, total exports to Asia as a whole dropped by 13.3%, with decreases registered in the values of total exports to most major destinations. A decrease was also recorded in the value of total exports to the United States, Germany, and the United Kingdom. Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Singapore, Korea, the United States, Japan, Vietnam, and the Mainland.
Looking at the analysis by major commodity, decreases were registered in the values of total exports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof,” “telecommunications and soundrecording and reproducing apparatus and equipment,” and “office machines and automatic data processing machines.” On the other hand, an increase was registered in the value of total exports of “power generating machinery and equipment.”
Overall, the declining trend in Hong Kong’s external trade is a cause for concern. The ongoing pandemic and weakened global demand have contributed to the decline in exports and imports. However, the expected recovery of the Mainland economy may provide some relief in the coming months. The Hong Kong Government will continue to monitor the situation closely and implement measures to support the external trade sector.