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Hong Kong's total goods exports fell to $240.8 billion in October, down 13.1% on a year earlier and after a year-on-year drop of 8.6% in September, the Census & Statistics Department says.
Within this total, re-exports fell 12.5% to $235.4 billion and domestic exports dipped 32.9% to $5.4 billion.
Concurrently, goods imports dropped 10.7% over a year earlier to $259.9 billion in October after a year-on-year fall of 3.1% in September. The visible trade deficit for the month was $19.2 billion, equivalent to 7.4% of the goods imports.
For the first 10 months this year, total goods exports fell 15.8% over the same period in 2008. Within this, re-exports dropped 15% while domestic exports fell 40% and goods imports went down 15.2%.
Trade deficit
The 10-month period saw a visible trade deficit of $169.3 billion, equivalent to 7.8% of the goods imports.
Comparing the three-month period ending October with the preceding three months on a seasonally adjusted basis, total goods exports rose 4%. Within this, re-exports increased 4.2% while domestic exports went down 2%. Goods imports rose 8.3%.
The department said the larger year-on-year decline in merchandise exports in October was due entirely to the high base in the same month last year, when many traders reportedly advanced their shipments for fear of subsequent order cancellation at the onset of the financial turmoil.
On a seasonally adjusted basis, merchandise exports actually improved modestly in recent months. While still subject to considerable uncertainties, the external environment has been improving gradually. If it continues, it should render some support to Hong Kong's external trade in the period ahead.
Regional reduction
Total exports to Asia as a whole fell 8.7% in October, particularly Singapore (-24.8%), Malaysia (-20.3%), Thailand (-19%), Japan (-12.7%), the Mainland (-8.9%) and South Korea (-7.9%).
Significant drops were also recorded in total exports to other major destinations, particularly the UK (-27.8%), the US (-23.4%) and Germany (-19.3%), while increases were seen for India (+19.1%), Taiwan (+6.3%) and Australia (+1.6%).
Imports from many major suppliers fell, particularly the Mainland (-17%), India (-14.4%), Japan (-13.5%), Singapore (-9.7%) and Thailand (-8.6%).
Rises were recorded in Germany (+18.3%), Malaysia (+15%), South Korea (+9.5%) and the US (+2.4%).
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