Continuing the erosion witnessed over each of the last seven years, Hong Kong exports of textile and apparel products fell again in July, exacerbating the year-to-date decline. Total textile and apparel exports plummeted -35.7% in July, the steepest decline in sixteen months, falling to 3.0 billion Hong Kong dollars. Both textiles and apparel fell by double digits from a year ago. Textile exports dropped -17.3% from a year earlier, the 41st decline in the last 42 months. This pulled year-to-date textile shipments down -12.3% from the first seven months of last year, promising to extend the current sixteen-year streak of eroding textile exports. At the current pace, Globecot projects 2008 shipments will fall to 2.98 billion Hong Kong dollars, a record low.
Clothing exports are faring even worse. Shipments in this latest month fell to 2.762 billion Hong Kong dollars, down -36.9% from a year ago and the lowest July reading since 1981. July's fall accelerated the 2008 decline, down -26.9% from the first seven months of last year, virtually assuring that full-year shipments decline for the eighth straight year. Globecot forecasts peg 2008 Hong Kong garment exports falling to 24.5 billion Hong Kong dollars, the lowest total in 28 years.
