Hong Kong Exports Tumble in April as Virus Disrupts Commerce

Hong Kong’s exports fell in April for a second straight month as lock downs imposed by the coronavirus pandemic continued to disrupt global trade and restrict travel.

Exports fell 3.7% from a year earlier, to HK$309.5 billion ($39.9 billion) better than the median forecast in a survey. Imports fell 6.7% to HK$332.8 billion for a 17th straight month of declines, according to a government release. The trade balance improved from the previous month to a deficit of HK$23.3 billion.

See breakdown: Hong Kong April Exports to China +9.4% Y/y; By Region

Hong Kong’s economy has been mired in recession since the second half of last year and weakened further after posting its worst quarter on record in the first three months of this year.

Read: Hong Kong’s Economic Crisis Just Keeps Getting Worse

While the city has kept coronavirus infections under control and is starting to loosen some restrictions on social distancing, hopes for a quick economic rebound are complicated by the return of the political unrest of 2019 after China announced plans to impose a new national security law.

Protesters held their largest rally in months on Sunday, clashing with police who deployed tear gas and a water cannon. More demonstrations are expected this week.