The value of Hong Kong’s total goods exports fell to $374.7 billion in October, down 10.4% compared with the same month last year, the Census & Statistics Department announced today.

The value of goods imports dropped 11.9% to $395.5 billion for the same period.

A trade deficit of $20.9 billion, or 5.3% of the value of imports, was recorded for the month.

Comparing the three-month period ending October with the preceding three months on a seasonally adjusted basis, the value of total exports dropped 6.3% while that of imports decreased 8.3%.

The Government said that the value of merchandise exports registered a further visible fall from a year earlier in October as the external economic environment deteriorated and disruptions to cross-boundary land transportation continued. Exports to the Mainland, the US and the EU recorded double-digit declines, and those to most other major Asian markets saw a worsened performance.

Looking forward, Hong Kong’s export performance will stay under immense pressure as elevated inflation and further monetary policy tightening in major advanced economies will suppress global demand in the near term.