Hong Kong's exports declined unexpectedly in March, figures from the Census and Statistics Department showed Tuesday.
Exports dropped 1.8 percent year-over-year in March, in contrast to a 7.2 percent sharp increase in the previous month.
Economists had expected a 2.1 percent growth for the month. It was the first decline in eleven months.
Domestic exports plunged 21.0 percent and re-exports dipped by 1.5 percent.
Imports also declined in March. It fell 2.7 percent in March from the previous year, following a 0.9 percent decrease in February. Economists had forecast imports to fall by 0.5 percent. It was the second consecutive monthly drop.
The visible trade deficit for March widened to HK$46.2 billion from HK$35.9 billion in the previous month. The expected shortfall was HK$45 billion. In the same month of the previous year, the deficit was HK$50.4 billion.
"Exports to major advanced economies fell back visibly in March, while those to the Mainland grew moderately and those to some Asian economies continued to register notable growth," a government spokesman said.
"Looking ahead, Hong Kong's near-term export performance will still be constrained by the slow global economic recovery and the headwinds arising from the diverging monetary policy among major central banks. Besides, the Greek debt problem and geopolitical tensions in various regions are also worrying. The Government will monitor the situation closely."
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