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Hong Kong Exports Drop In October

Hong Kong's merchandise exports dropped in October after rising in the previous month, data from the Census and Statistics Department showed on Tuesday.

Exports fell 1.1 percent year-on-year in October, after a 9.1 percent decrease in September.

Imports rose 0.6 percent annually in October, after a 3.4 percent increase in the previous month.

The trade deficit widened to HK$36.756 billion in October from HK$30.590 billion in the same month last year. In September, the deficit was HK$12.694 billion.

For the January to October period, exports decreased 2.9 percent year-on-year and imports fell 5.6 percent. The trade deficit was HK$329.975 billion.

The value of merchandise exports decreased slightly in October from a year ago, as exports to the Mainland and the US switched to mild declines, the government spokesman said.

"Looking ahead, while the Mainland economy is expected to post further strong growth, the deterioration of COVID-19 situation in a number of advanced economies will likely slow their recoveries and may hinder the revival of Hong Kong's exports," spokesman said.

"The development of China-US relations, geopolitical tensions and the Brexit negotiations also warrant attention," spokesman added.

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