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HK export growth slows down
Source: Bloomberg News |
September 28, 2011, Wednesday
|
Print Edition
Print Edition
HONG Kong's export growth slowed in August as the European debt crisis and a decelerating US economy cut global demand for goods.
Overseas sales gained 6.8 percent from a year earlier to HK$310 billion (US$40 billion), the city government said yesterday.
That compares with a 9.3 percent increase in July and a median 7.5 percent estimate of 11 economists in a Bloomberg News survey.
Hong Kong's trade outlook is worsening due to the "fragile" economic condition of the US, while shipments to Asian markets remain "resilient," the government said last month.
Financial Secretary John Tsang said on Monday that the city's economy will probably grow 4-5 percent in the third quarter from a year earlier after expanding 5.1 percent in the second.
Growth in exports will "continue to be stubbornly slow," said Raymond Yeung, economist at Australia & New Zealand Banking in Hong Kong.
"A slowing of trade will put a drag on domestic activities in Hong Kong," whose economy may contract, he said.
Exports to the Chinese mainland, the biggest destination for shipments through Hong Kong, were 3.4 percent higher in August than a year earlier, the government said. Sales to the US dropped 3.9 percent from a year earlier for the fourth consecutive month.
Overseas sales gained 6.8 percent from a year earlier to HK$310 billion (US$40 billion), the city government said yesterday.
That compares with a 9.3 percent increase in July and a median 7.5 percent estimate of 11 economists in a Bloomberg News survey.
Hong Kong's trade outlook is worsening due to the "fragile" economic condition of the US, while shipments to Asian markets remain "resilient," the government said last month.
Financial Secretary John Tsang said on Monday that the city's economy will probably grow 4-5 percent in the third quarter from a year earlier after expanding 5.1 percent in the second.
Growth in exports will "continue to be stubbornly slow," said Raymond Yeung, economist at Australia & New Zealand Banking in Hong Kong.
"A slowing of trade will put a drag on domestic activities in Hong Kong," whose economy may contract, he said.
Exports to the Chinese mainland, the biggest destination for shipments through Hong Kong, were 3.4 percent higher in August than a year earlier, the government said. Sales to the US dropped 3.9 percent from a year earlier for the fourth consecutive month.
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