HK's total goods exports down 3.5 pct in July

The value of total goods exports in Hong Kong dropped 3.5 percent year-on-year in July, while the value of goods imports fell 1.8 percent, the city's Census & Statistics Department announced Tuesday.

According to statistics, the value of Hong Kong's goods re-exports fell 3.5 percent year-on-year in July, and domestic exports increased 0.3 percent. A visible trade deficit of 40.1 billion HK dollars (about 5.17 billion U.S. dollars) was recorded in the month.

Comparing the first seven months with the same period last year, the value of goods re-exports increased 0.1 percent, while that of domestic exports fell 16.8 percent.

Taken together, the value of total goods exports fell 0.3 percent.

Looking ahead, the department said the delicate economic and fiscal conditions in the advanced economies as well as their negative spillovers to Asia will continue to cloud the global trading environment. Hong Kong's near-term export outlook thus remains bleak.