Hong Kong's exports decreased for the ninth consecutive month in January, and at a faster-than-expected pace, figures from the Census and Statistics Department showed Thursday.
Merchandise exports fell 3.8 percent year-over-year in January, which was worse than the 1.1 percent drop in December. Economists had forecast a 3.2 percent decline for the month.
The value of domestic exports tumbled 23.4 percent annually in January and re-exports slid by 3.6 percent.
Imports slipped 9.4 percent in January from a year ago, exceeding economists' expectations for a 6.3 percent drop. It was also much faster than the 4.6 percent fall in the prior month.
The visible trade deficit of the country narrowed notably to $17.5 billion in January from $37.01 billion in the corresponding month last year. The expected shortfall for the month was $25.2 billion.
"Looking ahead, global trade flows are likely to remain subdued amid a slow-growing global economy, thereby continuing to restrain Hong Kong's export performance in the near term," a government spokesman said.
"The uncertainties arising from monetary policy normalisation in the US, diverging monetary policies among major central banks and heightened geopolitical tensions could add further external headwinds. The Government will monitor the situation closely."
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