Hong Kong export growth still weak
Updated: 2014-12-30 09:50
By Felix Gao in Hong Kong(HK Edition)
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Hong Kong's export growth slowed for the fifth straight month in November as demand from Asian markets remained weak, according to data from the Census and Statistics Department on Monday.
The value of Hong Kong's total goods exports, comprising re-exports and domestic exports, rose 0.4 percent year-on-year to HK$326.8 billion ($42.1 billion) last month, much slower than October's 2.7-percent growth.
Compared with a year ago, total exports to Asia as a whole fell by 2.1 percent in November. Decreases were registered in exports to some major markets, especially to the Chinese mainland, Japan and South Korea.
However, increases were recorded in exports to some major markets in other regions, in particular the US. Concurrently, decreases were registered in exports to the UK and Germany.
Total imports rose by 2.4 percent over a year earlier to HK$378.9 billion in November, slower than the 5.6-percent growth in October.
The visible trade deficit in November widened to HK$ 52.2 billion, or 13.8 percent of the value of imports of goods, from HK$44.6 billion in the same month last year. In October, the shortfall was HK$49.8 billion.
For the first 11 months of 2014, the value of total goods exports surged by 3.4 percent over the same period last year, while the value of imports of goods increased by 4.1 percent.
"Looking ahead, the slow global economic growth will continue to constrain Hong Kong's near-term export performance. The uncertainties arising from the monetary policy divergence among major central banks, geopolitical tensions in various regions and repercussions from the sharp drop in international oil prices also warrant concern," said a government spokesman.
The latest Hong Kong Purchasing Managers' Index (PMI) released by HSBC showed that total new orders in the SAR's private sector have continued to fall and demand from the mainland was notably weak, with new business from the mainland declining at the fastest rate since March, 2009.
The PMI registered 48.8 last month, showing that private sector activity in Hong Kong dropped for the fourth consecutive month. A number below 50 indicates contraction.
The Hong Kong Trade Development Council reported that growth in exports to the mainland slowed to 2.5 percent from last year's 4.9 percent in the first 10 months of the year.
It predicted that Hong Kong's exports will grow at a slightly slower pace of 3 percent next year. It said improvements in the global economy will boost the sales volume in 2015, but exporters would come under pressure as the recovery in developed economies is likely to stay uneven.
felix@chinadailyhk.com
(HK Edition 12/30/2014 page8)