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Hong Kong Export Growth Slows Further

Hong Kong's export growth slowed more-than-expected in October as demand from the EU and Japan remained weak, data from the Census and Statistics Department showed Tuesday.

Exports rose 2.7 percent year-on-year in October, much slower than September's 4.5 percent growth. Economists had forecast a 3.4 percent climb for October.

The pace of growth in exports eased for a fourth straight month from June's 11.4 percent gain.

Compared to the same month last year, exports to Asia as a whole increased by 1.7 percent in October. Exports to U.S.A grew 3.7 percent, while those to Germany and the U.K. fell by 12.3 percent and 1.7 percent, respectively.

Total imports surged 5.6 percent in October, faster than economists' expectation for a 4.3 percent growth. In September, imports climbed 6.3 percent.

The visible trade deficit in October widened to HK$49.8 billion from HK$38.05 billion in the same month last year. In September, the shortfall was HK$50.37 billion. Economists had forecast a deficit of HK$45.3 billion.

"Looking ahead, the performance of Hong Kong's exports in the near term will likely continue to be constrained by the modest expansion of the global economy, against the backdrop of the lack of growth in the eurozone and Japan as well as geopolitical tensions in various parts of the world," a government spokesman said.

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