HONG KONG: Comparing the first four months of this year with the same period last year, the volume of the city’s domestic exports decreased by 9.6 per cent, according to the Census and Statistics Department.
While double-digit growths year-on-year were recorded for the total export volume to India and Vietnam for April, the total export volume to mainland China decreased by 0.6 per cent during the same period.
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“Hong Kong’s domestic exports are likely to continue a downward trend for the rest of the year,” Kelvin Lau Gin-yip, economist and strategist at the Hong Kong branch of Bank of Communications forecast.
He said many economies were performing well and Hong Kong had seen its exports to Asian countries grow.
“But the problem for Hong Kong is that it relies too much on the mainland market,” added Lau.
An index gauging the city’s exports, compiled by the Trade Development Council, continued to stay below 50, the dividing line between growth and decline, for the last quarter.
However, it jumped 1.9 points to 46.8 from April to June for a second quarter in a row.
The council expected the external environment would improve in the second half of this year.
