The Census and Statistics Department announced that in January this year, the value of Hong Kong's overall exports and imports both recorded year-on-year decreases, falling by 36.7% and 30.2% respectively.
Following the 28.9% year-on-year decline recorded in December last year, the value of overall exports of goods in January this year was 290.9 billion yuan, a year-on-year decrease of 36.7%; following the 23.5% year-on-year decline recorded in December last year, The value of imports of goods was 316.3 billion yuan, down 30.2% year-on-year; a visible trade deficit of 25.4 billion yuan was recorded in January this year, equivalent to 8% of the value of imports of goods.
Comparing the three months ending January 2023 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 13.8%.
Concurrently, the value of imports of goods decreased by 8.1%.
A government spokesman said that amid the weak external environment, the value of merchandise exports in January this year dropped further notably year-on-year.
The early arrival of the Lunar New Year this year may also have affected performance.
Exports to all major markets recorded declines of varying degrees.
Looking ahead, although the slowdown in global economic growth will continue to pose severe challenges to Hong Kong's export performance in the short term, the expected acceleration of the Mainland's economic growth, coupled with the lifting of cross-border land freight restrictions between Hong Kong and the Mainland, should be able to Relieve some stress.
The Government will closely monitor the situation.
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