The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Hong Kong’s exports declined for a 12th straight month in October with the financial hub mired in recession under the ongoing US-China trade war and pro-democracy protests.
Exports contracted to HK$348.5 billion ($44.5 billion), a 9.2% drop from a year ago, according to a government release. The median forecast was for a 8.4% retreat, according to economists surveyed by Bloomberg. Imports fell by 11.5% from a year ago, narrowing the trade deficit to HK$30.6 billion.
“Hong Kong’s merchandise export performance will likely stay weak in the near term, as soft global economic growth and uncertainties stemming from US trade policies
continue to dampen external demand,†a government spokesman said in the release.
Hong Kong’s economy has quickly lost momentum since the start of the year, falling into its first recession in a decade in the third quarter. Its status as a regional trade hub has left the city exposed to the trade conflict while more than five months of protests in the streets have taken a toll on retail, restaurants, hotels and other services industries.
However, optimism is growing that China and the US are progressing in trade talks. The two nations “reached consensus on properly resolving
relevant issues†and agreed to stay in contact on the remaining points for a “phase one†trade deal during a phone
call on November 26, the Ministry of Commerce said in a statement.