HK's October exports down by 1.1%

Hong Kong's exports retreated mildly year-on-year in October after a significant increase in the previous month, with the growth of imports also slowing, official data showed.

Goods exports went down 1.1 percent from a year ago to 344.7 billion Hong Kong dollars (US$44.47 billion) in October, and goods imports inched up 0.6 percent to HK$381.4 billion, according to a statement issued by the Hong Kong Special Administrative Region (HKSAR) government on Tuesday (Nov. 24).

A government spokesman said the slight fall in goods exports came as exports to the mainland and the United States switched to mild declines and exports to many other major Asian markets also dropped.

Looking ahead, although the mainland economy is expected to post further strong growth, the deteriorating COVID-19 situation in a number of developed economies will likely slow their recoveries and may hinder the revival of Hong Kong's exports, the spokesman said, adding that the HKSAR government will watch related developments closely.

(Source: Xinhua)