Hong Kong exports plunge 22.7% in January, the biggest drop since 2009

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Hong Kong’s exports recorded a 22.7% year-on-year fall last January, the largest since February 2009, to 269.4 billion Hong Kong dollars (31.905 million euros), according to the Statistics Department of this administrative region China special.

In turn, Hong Kong imports in January reached 300,000 million Hong Kong dollars (35,529 million euros), 16.4% below the figure of the previous year, its biggest decline since February 2013.

In this way, the trade balance of Hong Kong threw in January a deficit of 30.6 billion Hong Kong dollars (3.624 million euros).

In December 2019, exports from the special administrative region had fallen 3.3% year-on-year, while Hong Kong imports declined 1.9%.

A spokesman for the Hong Kong Government explained that the collapse of exports partly reflects the distortion by the Lunar New Year holiday in late January, when in 2019 it was held in early February.

“Therefore, it would be more significant to analyze the combined January and February trade figures, when available, to obtain a clearer picture of the underlying situation, in particular the impact on coronavirus infection in foreign trade,” the official added. .

Compared to January 2019, Hong Kong’s exports to Asia fell by 21%, including 28.2% drops in sales to Japan, 23.6% in the case of Malaysia and 21.4% in sales. Exports to mainland China.

Apart from Asia, Hong Kong exports fell 37.4% in the case of the United Kingdom, 33% in the United States and 19.4% in Germany.

Similarly, imports from the special administrative region fell by 25.1% in the case of China and 16.6% in the United States, while purchases from Japan fell by 4.9%. On the other hand, imports from the United Kingdom increased by 14.9% year-on-year.

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