Hong Kong exports recovered in September


HONG KONG: Hong Kong’s exports rebounded in September on the back of a recovering Chinese economy, financial secretary Paul Chan said his blog post on Sunday.

The city’s third-quarter gross domestic product should show a significant improvement from the two preceding three-month periods, Chan said.

Hong Kong’s GDP slumped by about 9% in both the first and second quarters as the coronavirus outbreak forced most countries to go into some form of lockdown.

China, on which Hong Kong relies for half of its trade, posted 9.9% growth in exports and a 13.2% jump in imports last month, Chan said.

Consumer consumption in Hong Kong is also recovering, with the city so far managing to keep the outbreak under control, and residents’ spending has increased, the financial secretary said.

Economic pressure will ease further as China recharges its economy, the financial secretary said.

“In Hong Kong, the epidemic situation has been generally stable, ” chief executive Carrie Lam said in a separate post on the government website.

“This has not only given us some breathing space, but also allowed us to take more precise control measures and resume more economic and social activities gradually while keeping the epidemic in check.”

Hong Kong’s jobless rate for the July-to-September period increased to 6.4%, a 16-year high, as the service industry virtually shut down because of the pandemic.

The city’s government has released more than HK$300bil (US$38.7bil) in relief measures this year, Chan said. — Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Hong Kong , Trade and Investment ,

   

Did you find this article insightful?

Yes
No

Next In Business News

Blackstone-backed Patria eyes expansion in Latam, Asia
METALS: Tin, aluminium, copper prices down
Oil price falls on China's COVID-19 cases, high crude build
IBM, Intel slump weighs on Wall St as coronavirus concerns rise
GLOBAL MARKETS-Weak data, earnings drag stocks lower
Getting through tough times together
Keeping the economy moving with stimulus
How economic stimulus matters for countries
Short Position - Siletrra, AirAsia, ESG
The changing Asean banking landscape

Stories You'll Enjoy