The value of total goods exports slip to $204.4 billion in May, down 14.5% on the same month last year, Hong Kong's Census & Statistics Department said on Thursday.
Within this total, the value of re-exports dropped 13.7% to $199.3 billion, while the value of domestic exports fell 37.4%, to $5.1 billion. The value of goods imports dropped 19.2%, to $215.4 billion.
A visible trade deficit of $11 billion, about 5.1% of the value of goods imports, was recorded.
In the first five months of this year the value of total goods exports dropped 19.5% over the same period last year. Within this, the value of re-exports fell 18.8%, while the value of domestic exports dropped 42.1%. The value of goods imports fell 20.8%. A visible trade deficit of $61.5 billion, about 6.3% of the value of goods imports, was recorded.
The department said merchandise exports continued to show a relative improvement while the year-on-year decline in exports narrowed slightly further in May.
Hong Kong's external trading environment will remain challenging in the months ahead, the department forecasted. However, with the global economy showing signs of stabilization and the Mainland economy improving, Hong Kong expect the positive developments to boost its external trade performance in the near term.