HK exports continue to weaken in November

HONG KONG, Dec. 29 (Xinhua) -- Hong Kong's merchandise exports weakened in November with the total exports of goods recorded a moderate year-on-year increase of 2 percent, according to figures released by the city's Census and Statistics Department Thursday.

The figures showed that in November, the value of total exports of goods increased by 2 percent over a year earlier to 278.6 billion HK dollars (about 25.86 billion U.S. dollars), down from a year-on-year increase of 11.5 percent in October 2011. Within this total, the value of re-exports increased by 2.5 percent to 273.4 billion HK dollars, whereas the value of domestic exports decreased by 19 percent to 5.1 billion HK dollars.

According to the statistics, the value of imports of goods increased by 8.8 percent over a year earlier to 322.7 billion HK dollars in November 2011, after a year-on-year increase of 10.9 percent in October 2011. A visible trade deficit of 44.1 billion HK dollars, equivalent to 13.7 percent of the value of imports of goods, was recorded in that month.

For the first eleven months of 2011 as a whole, the value of total exports of goods rose by 10.4 percent over the same period in 2010. Within this total, the value of re-exports increased by 10.7 percent, whereas the value of domestic exports decreased by 3. 4 percent. Concurrently, the value of imports of goods increased by 12.2 percent. A visible trade deficit of 378.5 billion HK dollars was recorded in the first eleven months of 2011.

Comparing November 2011 with the same month last year, total exports to Asia as a whole grew by 4.4 percent. Apart from it, total export increase was also registered to Germany. Concurrently, decreases were registered in total exports to some major destinations, in particular the U.K. and the U.S..

A Hong Kong government spokesman noted that merchandise exports weakened again in November, showing only a modest year-on-year increase in value terms. With Europe being on the brink of recession, Asian economies including Hong Kong saw a weakening demand for their exports and also a fall in intra-regional trade flows that were associated with the global supply chains.

The spokesman said looking ahead, Hong Kong's exports will continue to face strong headwinds, due to the deepening eurozone sovereign debt crisis and the unsteady economic situations in the advanced markets.