One area of concern is Hong Kong's fashion and textile industry where exports slumped 12.9 percent worldwide to HK$65.8 billion during the first five months of the year.

Shipments to the United States fell 14.4 percent to HK$21.7 billion, according to TDC figures.

Exports to the European Union slid 9.6 percent to HK$24.7 billion - shipments to Spain recording the biggest drop in the trade zone, 20 percent to HK$1.2 billion.

"Hong Kong still depends on the mature [Western] markets with 60 percent of exports going to them, but they are having their own difficulties. Consumers are not confident, they are not spending," TDC assistant executive director Raymond Yip Chak-yan said.