Hong Kong’s exports are likely to face more headwinds amid a slowdown in the global economy, Greece’s debt crisis and geopolitical instability, according to a government spokesman.
The city’s shipments to overseas destinations dropped 3.1 percent to HK$299.5 billion in June from a year ago, marking a decline for two consecutive months as global demand remained lackluster, the Hong Kong Economic Journal reported.
The latest export figure represents a 4.6 percent decline from May.
Exports to South Korea registered the biggest drop, down 23.8 percent from a year ago. Shipments to the mainland decreased 4.3 percent while the Taiwan market was down 18.2 percent.
Total imports fell 2 percent to HK$345.3 billion from a year earlier, resulting in a trade deficit of HK$45.8 billion. Re-exports were down 3 percent at HK$295.4 billion.
Federation of Hong Kong Industries chairman Stanley Lau expects an improvement in the second half of the year as orders for festive seasons start to come in from August.
He forecasts a 2.5 to 3 percent increase in export value for the entire year.
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