Hong Kong Exports Down 14.5%

June 25, 2009
However May's figure is better than April's

While the rate of decline eased from April, showing some signs of recovery, Hong Kong exports plunged 14.5% year-on-year in May, government figures showed on June 25.

The total value of exports fell to 204.4 billion Hong Kong dollars (US$26.2 billion), the Census and Statistics Department said.

Hong Kong's exports had plunged 18.2% year-on-year in April.

For the first five months of the year, the value of exports dropped 19.5% compared to 2008 as the global slowdown hit southern China's manufacturing heartland, which ships many of its products through Hong Kong.

The value of imports into Hong Kong decreased by 19.2% in May compared to the previous year.

Within the region, the sharpest drops were in exports to South Korea, Malaysia and Singapore, while the value of goods sent to Germany fell 21.9% and to the U.S. 15.7%.

A government spokesman noted that exports showed a relative improvement in May for the second straight month, but added the environment for exporters would remain "challenging" in the next few months.

Copyright Agence France-Presse, 2009

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