Hong Kong Apr Exports Fall Less Than Expected

(RTTNews) - Hong Kong's exports decreased for the twelfth consecutive month in April, though at a slower-than-expected pace, figures from the Census and Statistics Department showed Thursday.

The value of total exports of goods and services dropped 2.3 percent year-over-year in April, much slower than the 7.0 percent decline in the previous month. Economists had expected a 7.6 percent fall for the month.

The value of re-exports slid 2.0 percent annually in April and domestic exports plunged by 19.0 percent.

Imports fell 4.8 percent in April from a year ago, below economists' expectations for a 5.5 percent decrease. In March, imports had fallen 5.8 percent.

The visible trade deficit of the country narrowed to HK$31.02 billion in April from HK$39.16 billion in the same month of the preceding year. In March, the shortfall was HK$47.02 billion.

"Looking ahead, Hong Kong's export performance will hinge on whether the advanced economies will continue to improve and provide impetus to trade flows in Asia," a government spokesman said.

"However, the uncertainties in the external environment are still notable, including those originating from monetary policy normalisation in the US, diverging monetary policy stances among major central banks, and geopolitical tensions. The Government will monitor the situation closely."