Trade weakens further in April
Hong Kong's trade fell again in April, year-on-year, and at a faster pace than the month before. The total value of exports and imports decreased for the 12th and 10th consecutive months, respectively. Official data released on Monday showed the overall value of the SAR's exports in April dropped by 13 percent from the same period last year - which was a significant deterioration from the 1.5 percent decline in March. Imports fell by 11.9 percent, after dropping just 0.6 percent in March year-on-year. In the first four months of this year, total exports slumped by 16.5 percent from the same period in 2022, while imports fell by 12.5 percent. The visible trade deficit for January to April was HK$148.4 billion. In a statement, a spokesman from the Census and Statistics Department said shipments to the Mainland, the United States and the European Union all shrank, while exports to other major Asian markets recorded decreases of varying degrees. “Looking ahead, the weakness in the advanced economies will continue to weigh on Hong Kong's export performance, though the expected faster recovery of the Mainland economy should provide some relief,” he added.