March saw the value of total goods exports slip to $175.5 billion, down 21.1% on the same month last year, the Census & Statistics Department says.

Within this total, the value of re-exports dropped 20.5% to $171.1 billion while the value of domestic exports fell 41.1% to $4.4 billion. The value of goods imports dropped 22.7% to $193.7 billion.

A visible trade deficit of $18.2 billion, about 9.4% of the value of goods imports, was recorded in the month.

In the first quarter, the value of total goods exports dropped 21.9% over the same period last year. Within this total, the value of re-exports fell 21.1%, while the value of domestic exports dropped 44.3%. The value of goods imports fell 22.8%. A visible trade deficit of $34.3 billion, about 6.4% of the value of goods imports, was recorded in the first quarter.