Aerial photo taken on January 24, 2023 shows the Kwai Tsing Container Terminal in Hong Kong. (PHOTO / AFP)

HONG KONG - The value of Hong Kong's total goods exports dropped to HK$337.4 billion ($43.2 billion) in June, down 11.4 percent compared with the same period last year, the Census and Statistics Department said Tuesday.

The value of imports of goods also decreased 12.3 percent over a year earlier to HK$393.9 billion for the same period, after a year-on-year decrease of 16.7 percent in May. A visible trade deficit of HK$56.6 billion, equivalent to 14.4 percent of the value of imports of goods, was recorded in June.

Comparing the second quarter of 2023 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 0.4 percent. Meanwhile, the value of imports of goods decreased by 0.7 percent

For the first half of 2023 as a whole, the value of total exports of goods decreased year-on-year by 15.5 percent. Concurrently, the value of imports of goods also decreased by 13.2 percent.

ALSO READ: Challenges, opportunities galore for HK exports this year 

Comparing the second quarter of 2023 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 0.4 percent. Meanwhile, the value of imports of goods decreased by 0.7 percent.

In a statement, a Hong Kong Special Administrative Region government spokesman said that the value of merchandise exports fell further in June 2023 from a year earlier amid the weak external environment.

Exports to the Chinese mainland, the United States and the European Union all shrank while exports to most other major Asian markets continued to fall by varying degrees, he said.

READ MORE: Finance chief: HK exports face pressure amid global rate hikes

Looking ahead, the spokesman said that, with slower global economic growth, Hong Kong's export performance will continue to face intense pressure in the near term. The government will monitor the situation closely.