Hong Kong reports biggest annual exports decline since 2009

Hong Kong witnessed the biggest decline in annual goods exports last year, weighed on by a lackluster global economy, official data showed Thursday.

The value of total exports of goods dropped by 4.1 percent year on year in 2019, and the value of imports decreased by 6.5 percent, according to the Census and Statistics Department of the Hong Kong Special Administrative Region government. Trade deficit stood at 426.8 billion Hong Kong dollars (about 55 billion U.S. dollars), equivalent to 9.7 percent of the value of imports.

Exports to major destinations also decreased, with the United States down 14.8 percent, India down 12 percent and Germany down 8.9 percent.

A government spokesman said Hong Kong's export performance is still subject to high uncertainties in the near term.

In December, exports resumed a modest year-on-year growth of 3.3 percent driven by a visible increase in exports to the Chinese mainland. Imports dropped 1.9 percent year on year.