No sign of a sustainable recovery expected in Hong Kong's export

Hong Kong will release May trade data on 25 June. Exports are expected to have fallen 2.0% y/y (versus a 2.2% increase in April) and imports to have dropped 2.2% (versus a 2.9% drop). 

Last year's high base likely dragged down export growth, and this probably means it will take a few more months to determine whether exports are on the path to a sustainable recovery. 

However, leading indicators are encouraging - the Hong Kong Trade Development Council (HKTDC) Export Index rose to 46.8 in June from 44.9 in Q1, indicating that sentiment among exporters is on the mend. 

"We expect further recovery in demand from the West and a stabilising China to support exports more in H2 2015",says Standard Chartered.