The Economy

Hong Kong Exports Tumble 23%

March 26, 2009

The value of exports dropped 21.8% in January

As the global slowdown battered demand for goods made in southern China, Hong Kong's exports fell 23% year-on-year in February, official figures showed on March 26.

The value of exports dropped to 141.9 billion Hong Kong dollars (US$18.2 billion), after a year-on-year decrease of 21.8% in January, the Census and Statistics Department said.

Imports in February fell 17.5% from a year earlier to 165.1 billion dollars, the government said. February's visible trade deficit was 23.2 billion dollars.

Hong Kong is a key export hub for goods made in southern China's factory belt, but demand from the U.S. and Europe has collapsed in the last six months.

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