HONG KONG, April 27 (Xinhua) -- The values of Hong Kong's total exports and imports of goods registered year-on-year decrease of 9.7 percent and 10 percent respectively in the first quarter of 2020, showed the statistics released Monday by the Hong Kong Special Administrative Region (HKSAR) government.

File photo: CGTN

According to the HKSAR government's Census and Statistics Department (C&SD), a visible trade deficit of 103.8 billion Hong Kong dollars (about 13.39 billion U.S. dollars), equivalent to 11.1 percent of the value of imports of goods, was recorded in the first quarter of 2020.

In March 2020 alone, the value of total exports of goods decreased by 5.8 percent over a year earlier to 323.6 billion Hong Kong dollars (about 41.75 billion U.S. dollars), after a year-on-year increase of 4.3 percent in February 2020.

The value of imports of goods decreased by 11.1 percent over a year earlier to 358.4 billion Hong Kong dollars (about 46.24 billion U.S. dollars) in March, after a year-on-year decrease of 0.1 percent in February.

A visible trade deficit of 34.7 billion Hong Kong dollars (about 4.48 billion U.S. dollars), equivalent to 9.7 percent of the value of imports of goods, was recorded in March. 

Hong Kong's merchandise exports remained weak in March, a spokesman of the HKSAR government said, adding that while exports to the Chinese mainland rebounded alongside the gradual resumption of economic activities there, exports to many other major markets, including the United States and European Union, plunged further.

Looking ahead, as COVID-19 has spread across the world since March and caused a severe contraction of global economic activity, Hong Kong's merchandise exports will remain under notable pressure in the near term, said the spokesman, adding that the HKSAR government will continue to monitor the situation closely.