HK's total imports-exports value down

The values of Hong Kong's total goods exports and imports recorded year-on-year dips of 1.3 percent and 0.2 percent in August, the city's Census & Statistics Department announced Thursday.

The value of total goods exports fell to 307.5 billion HK dollars (about 39.68 billion U.S. dollars). Within this total, the value of re-exports decreased 1.2 percent to 302.6 billion HK dollars, while that of domestic exports dropped 10.4 percent to 4. 9 billion HK dollars.

The value of goods imports fell to 347.1 billion HK dollars.

A visible trade deficit of 39.6 billion HK dollars, equivalent to 11.4 percent of the value of goods imports, was recorded in the month.

For the first eight months as a whole, the value of total goods exports rose 3.5 percent over the same period in 2012. Within this total, the value of re-exports grew 3.6 percent, while that of domestic exports fell 5.8 percent.

The value of goods imports increased 4.1 percent. A visible trade deficit of 322.6 billion HK dollars, equivalent to 12.4 percent of the value of goods imports, was recorded in the period.

The department noted merchandise exports relapsed to a modest year-on-year decline in August, after a notable rebound in July. Exports to the U.S. and Japan fell, while those to Europe improved and those to other Asian markets showed a mixed performance.

Looking ahead, the external environment will remain challenging given the advanced economies' tepid recovery, the slower growth in emerging markets, and the uncertainty arising from the U.S. monetary policy and fiscal issues, it said.

As such, Hong Kong's export performance may still be subject to fluctuations in the near term. (1 U.S. dollar = 7.75 HK dollars)