Hong Kong’s exports fell again in July as waning global demand and China’s slowing recovery continue to weigh on the city’s economy. That was worse than the median estimate of a 8.8% decline in a Bloomberg survey of economists. Exports to Asia for the month declined by 11.6% from July 2022, a government spokesperson said in a statement accompanying the data. “The difficult external environment will continue to weigh on Hong Kong’s exports performance,” a government spokesperson said in a statement. The trade figures are an added challenge for Hong Kong’s economy, the outlook for which has grown less optimistic recently as the city’s post-pandemic activity boom loses some steam.

Source: The Standard August 24, 2023 13:05 UTC