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Hong Kong's Exports Fall Unexpectedly In February

Hong Kong's merchandise exports decreased unexpectedly in February, data released by the Census and Statistics Department showed Tuesday.

Export of goods fell 16.9 percent on an annual basis to HK$215.74 billion in February, reversing the 17.6 percent gain seen in the previous month. Month-on-month, overall shipments fell 29.2 percent in February. Economists had forecat a rise of 4.4 percent for February.

Comparing the three-month period ending February 2013 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.5 percent.

The value of imports plunged 18.3 percent year-on-year to HK$249.73 billion during the month. Compared to January, arrivals decreased by 24.8 percent.

The net trade resulted in a deficit of HK$33.99 billion, which was lower than the HK$45.79 billion shortfall recorded a year earlier. Economists were looking for a deficit of HK$36.2 billion.

Looking ahead, the external trading environment remains unsteady amid the fluid eurozone sovereign debt situation and the fragile fundamentals of the advanced economies, the agency said.

by RTT Staff Writer

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