Hong Kong's exports fell sharply for the ninth consecutive month in July, amid the negative consequences of the trade war with the United States as well as the direct impact of anti-government political protests.
Hong Kong's exports in July fell to nearly HK$338.6 billion (US$43.2 billion), down 5.7 percent from last year's data for the same month. Economists' estimates have been based on a decline of 8.2%.
Relatedly, imports also fell significantly in line with expectations, falling 8.7%, to $370.8 billion. The decline was mainly driven by a decline by suppliers due to a trade deficit of about $32.2 billion.
It is not far from a far-sighted mind that the Chinese economy is being met by the U.S.-China trade war as well as the current turmoil in Hong Kong due to protests. On the other hand, glitter has flashed a close attempt to reach an agreement that in turn would end a series of escalations of the trade war.
Tensions continue in the markets, particularly amid President Trump's continued hints of a trade deal with Japan, which could pull the rug out from under the feet of the Chinese giant and consequently lose Hong Kong's biggest support in its business.