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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