China Watch Blog has learnt that Hong Kong’s exports and imports shrank sharply in value in January, the Census & Statistics Department said.
The value of total exports of goods decreased 8.6% over a year earlier to $259.3 billion, after a year-on-year increase of 7.4% in December. Within this total, the value of re-exports dropped 7.9% to $255.6 billion, while the value of domestic exports decreased 39.7% to $3.7 billion.
Exports to Asia dropped 11.8%, with substantial decreases recorded in major markets, such as Taiwan, Singapore and Thailand.
Decreases were also recorded in other regions, particularly Germany and the US.
The department warned Hong Kong’s export outlook remains bleak in the near future, as the eurozone crisis continues to plague the global economic outlook and weigh on Asia’s production activities.