Hong Kong exports down 8.6 percent in September

The total value of shipments dropped to 225.9 billion Hong Kong dollars (29 billion US), the Census and Statistics Department said in a statement.

The year-on-year decline in exports for September narrowed markedly from August's 13.9 percent drop and a 19.9 percent tumble in July.

The sharpest year-on-year drop within the region was for shipments to Malaysia and Singapore, down 24.4 percent and 20.3 percent respectively.

But those declines were eclipsed by exports to the United States and the United Kingdom, down 27.8 percent and 22.9 percent respectively.

The value of imports slid 3.1 percent year-on-year to 255.0 billion dollars in September.

For the first nine months of the year, total exports fell 16.2 percent over the same period in 2008 as the global financial crisis hit southern China's manufacturing hub, which ships many of its products through Hong Kong.

A government spokesman said the narrowing year-on-year decline in exports was largely explained by a rebound of economic activity in Asia.

"Exports to the mainland and some Asian economies showed positive growth in the month," he said.

"However, import demand of the advanced economies remained weak and will be the major source of uncertainty going forward."

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