The value of Hong Kong's total exports in the first two months of the year decreased by 25.4 percent year-on-year, official data showed on Monday.

The value of imports of goods decreased by 18.9%.

In a statement, the Census and Statistics Department said it is useful to analyse the trade figures of the two months taken together, so as to neutralise the distortion caused by volatility during the Lunar New Year holidays.

A visible trade deficit of HK$71 billion was recorded in the first two months of 2023, it said.

In February alone, the value of exported goods decreased by 8.8 percent over a year earlier to HK$286.2 billion, and that of imports dropped by 4.1 percent to HK$331.6 billion.

A government spokesman noted that exports to all major markets fell by varying degrees amid a weak external environment.

Looking ahead, he said advanced economies’ growth moderation will continue to affect Hong Kong’s export performance in the near term, but the recovery of the mainland economy and relaxation of cross-border movement should alleviate part of the pressure.