Hong Kong's trade performance has slumped further, with the value of total exports shrinking 10.4 percent year-on-year in October.

This marked a sixth straight month of declines and outpaced the drop of around nine percent in September.

Exports to the mainland, the United States and the European Union recorded double-digit plunges.

Imports, meanwhile, fell by 11.9 percent over a year earlier.

A government spokesman attributed the latest decline to a worsened external environment and ongoing disruptions to cross-border land transportation.

"Hong Kong's export performance will stay under immense pressure, as elevated inflation and further monetary policy tightening in major advanced economies will continue to suppress global demand in the near term," the spokesman said in a statement.