Hong Kong Exports Pull Back To Developed Markets, increase Intra-Regionally

Hong Kong exports surged 11.4 percent YoY in June. That surge was short lived as exports for July decelerated back to 6.8 percent growth YoY. July's reading was the second largest reading for 2014, beating out expectations of 5.3 percent growth according to Morgan Stanley MS analyst Derrick Kam. Imports remained stable at 7.5 percent YoY for July after showing growth of 7.6 percent YoY in June.
Kam also noted the increase in exports to intra-regional trading partners while exports to Development Markets decreased. July exports to India were the strongest at 29.7 percent YoY growth and exports to the US were the weakest as they declined 1.7 percent YoY (a sharp reversal from the 5.7 YoY gain in June).