Hong Kong's exports volume plunge 22.7% in Feb.

Hong Kong's trade outlook continued to worsen in February, with its total goods exports volume plunging 22.7 percent over a year earlier, revealed the Census and Statistics Department here Thursday.

The volume of goods imports also fell 16.8 percent in February year on year, according to the department.

The volume of goods re-exports dropped 22.2 percent over the same period of last year while that of domestic exports fell 38.8 percent.

On a seasonally adjusted basis, the volume of total goods exports fell 23.2 percent, while the volume of goods imports dropped 22.6 percent in the first two months in 2009.

Comparing the quarter ending February over a year earlier, the volume of total goods exports fell 17.4 percent while the volume of goods imports fell 19 percent.

In February, the prices of goods re-exports went up 2.7 percent on a year earlier, while those of domestic exports grew 2.6 percent. Taken together, the prices of total goods exports rose 2.7 percent. The prices of goods imports grew 1.2 percent.

Hong Kong's exports to the United States and the United Kingdom in February contracted 40 percent and 36.9 percent respectively on a year earlier.

Hong Kong's total export volume to Japan fell 28.2 percent while that to Germany slumped 25 percent in February.

However, the city's total export prices to all major destinations rose, including the United States, Germany, the United Kingdom, Japan and the Chinese mainland.

Imports from other economies to Hong Kong also suffered huge setback in February, with the import volume from Japan dropping the most by 36.9 percent year on year.

Double-digit falls were also recorded for the import volumes from China's Taiwan, Singapore, the Chinese mainland and the United States.

Source: Xinhua