Financial Secretary Paul Chan warned on Sunday that local exports will continue to be under pressure because of what he described as a precarious external economic situation.

He said soon-to-be-announced export figures for the previous month have further worsened after three months of contraction.

"As various places in the world are tightening their monetary policies, that will further cut into the global growth momentum, and Hong Kong is expected to keep facing challenges with its exports," the finance chief wrote on his weekly blog.

He added that market fluctuations and downward pressures for asset prices will continue amid a rise in borrowing costs.

But with easing travel restrictions locally, Chan said Hongkongers should seize the opportunities that come with economic recovery.