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Hong Kong exports shrink 7.3 per cent in September as US-China trade war continues to bite
- Exports drop to HK$347.7 billion while imports slip 10.3 per cent to HK$379.3 billion, resulting in trade deficit of HK$31.6 billion
- Hong Kong had already slipped into a technical recession in the third quarter, according to the city’s leader
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Hong Kong exports shrank 7.3 per cent in September year on year amid the raging US-China trade war, ending the third quarter on a sour note.
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Exports dropped to HK$347.7 billion (US$44.2 billion) in September while imports slipped 10.3 per cent to HK$379.3 billion, resulting in a trade deficit of HK$31.6 billion, the Census and Statistics Department revealed on Thursday.
Even before the gross domestic product figures were revealed, Chief Executive Carrie Lam Cheng Yuet-ngor announced in her policy address last week that Hong Kong had already slipped into a technical recession in the third quarter. That meant the city’s economic growth had contracted for two consecutive quarters.
The year-on-year decline in exports widened further from August when they were down 6.3 per cent.
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“Merchandise exports weakened further in September to show an enlarged year-on-year decline, reflecting the slack in global demand and heightened US-China trade tensions in that month. Most major markets continued to show subdued performance,” a government spokesman said.
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