Hong Kong Jul Exports Fall More Than Expected

(RTTNews) - Hong Kong's exports declined for the second straight month in July, and at a faster-than-expected pace, figures from the Census and Statistics Department showed Thursday.

The value of total exports of goods fell 5.1 percent year-over-year in July, exceeding economists' expectations for a 2.1 percent drop.

Within this total, the value of domestic exports dipped 5.8 percent annually in July and re-exports slid by 5.1 percent.

Imports decreased at a faster pace of 3.3 percent in July from a year ago, following a 0.9 percent fall in the prior month. That was also above the 1.5 percent decline expected by economists.

The visible trade deficit of the country widened to HK$33.3 billion in July from HK$28.4 billion in the corresponding month of 2015. In June, the shortfall was HK$45.6 billion.

"Looking ahead, the external trading environment is still challenging, as global economic growth will likely remain modest in the near term and fraught with uncertainties, including those arising from Brexit, US interest rate normalisation, monetary policy divergence among major central banks and heightened geopolitical tensions in various regions," a government spokesman said.

"The Government will monitor the situation closely."