Hong Kong trade in textiles is eroding further in 2008, with May volumes lower from this point last year. Imports in 2008 are off -3.4% from the first five months of last year, weighed down by May shipments falling -6.9%, marking the eleventh decrease in the last twelve months and the lowest May reading in five years. At the present pace, 2008 arrivals could slip to HK$102 billion, the lowest volume also in five years.
Reflecting the eroding state of the local industry, textile exports are faring even worse this year, falling 11.7% from the same five months last year. This year-to-date decline is exacerbated by a -19.5% drop in May from one year earlier, the steepest decline in fourteen months. This month’s reading marked the 39th decline in the last 40 months and registered the weakest May on record. At the present trend, 2008 exports of yarn, fabrics, and made-ups from Hong Kong are on pace to fall for the fourteenth consecutive year to HK$3.1 billion, the lowest level of shipments on record.
Reflecting the eroding state of the local industry, textile exports are faring even worse this year, falling 11.7% from the same five months last year. This year-to-date decline is exacerbated by a -19.5% drop in May from one year earlier, the steepest decline in fourteen months. This month’s reading marked the 39th decline in the last 40 months and registered the weakest May on record. At the present trend, 2008 exports of yarn, fabrics, and made-ups from Hong Kong are on pace to fall for the fourteenth consecutive year to HK$3.1 billion, the lowest level of shipments on record.
