The Buzz | HK June exports plunge most since 2016 amid trade wars

Hong Kong’s exports sank more than expected in June for an eighth straight month of declines, as government officials warned there was no near-term relief in sight.

Exports declined in June to HKD309.6 billion ($39.6 billion), down 9% from year-ago figures, according to a Hong Kong government release. That’s the worst result since 2016 and well below the -2.3% median estimate of analysts surveyed by Bloomberg. Imports also retreated by 7.5% in June, to HKD364.8 billion.

“The soft global economic environment and continued U.S.- mainland trade tensions put further strains on manufacturing activities and trade flows in Asia,” a government spokesman said in the release.

“Looking ahead, the near-term performance of Hong Kong’s merchandise exports will remain constrained by the softening global economy and uncertainties arising from U.S.-mainland trade tensions and other external developments.”

Hong Kong is set to report advance second-quarter economic growth on July 31.

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