HK exports value down 0.1% to HK$291.5bn in May

    Hong Kong's value of total exports of goods (comprising re-exports and domestic exports) dropped 0.1% in May over a year earlier to HK$291.5 billion, after a year-on-year decrease of 2.3% in April, according to the Census and Statistics Department. 
  Within this total, the value of re-exports rose 0.2% to HK$288 billion in May, whereas the value of domestic exports fell 18% to HK$3.5 billion. Concurrently, the value of imports of goods dropped 4.3% over a year earlier to HK$317.7 billion in May, after a year-on-year decrease of 4.5% in April. A visible trade deficit of HK$26.2 billion, equivalent to 8.3% of the value of imports of goods, was recorded in May.
  For the five months of 2016 as a whole, the value of total exports of goods dropped 4.5% over the same period in 2015. Within this total, the value of re-exports decreased by 4.3%, while the value of domestic exports decreased by 16.6%. Concurrently, the value of imports of goods fell 6.6%. A visible trade deficit of HK$154.2 billion, equivalent to 10.2% of the value of imports of goods, was recorded in the first five months of 2016.
  A Government spokesman noted that merchandise exports showed further relative improvement in May, with total value registering little change over a year earlier. Among the major markets, exports to the US and Japan were still weak, while those to the EU and the Mainland increased slightly. Exports to India and Taiwan saw more notable growth in May. The spokesman commented further that looking ahead, Hong Kong's export performance will still depend on the global demand conditions, particularly whether the major advanced economies will gather growth momentum. External uncertainties have increased following UK's vote in favour of leaving the EU, which could have negative spillovers on the global economy and international financial markets. Besides, the monetary policy normalisation in the US, diverging monetary policy stances among major central banks, and geopolitical tensions are also causes for concern.