Hong Kong Trade Deficit at Record High

Hong Kong recorded a HKD 59.3 billion gap in December of 2014, the highest on record and compared with a HKD 54.3 billion deficit a year earlier. Exports rose a meager 0.6 percent hurt by lower demand from the Asian countries while imports increased 1.9 percent.

Sales amounted to HKD 312.8 billion. Exports to Asia as a whole went down by 1.5 percent. In this region, decreases were registered to South Korea (-20.4 percent), India (-11.4 percent), Vietnam (-3.3 percent), Japan (-2.9 percent) and China (-1.7 percent). On the other hand, increases were recorded for the Philippines (+27.3 percent), Malaysia (+24.4 percent) and Thailand (+9.8 percent).

Apart from destinations in Asia, shipments to the United States rose 7.6 percent while exports to Germany and the United Kingdom fell 2.7 percent and 2.4 percent respectively. 

Imports were recorded at HKD 372 billion. Purchases from some major suppliers, in particular Malaysia (+20.5 percent), Taiwan (+8.2 percent), China (+5.4 percent), India (+5.2 percent) and Korea (+2.9 percent) increased. Concurrently, decreases were registered in the values of imports from the USA (-16.5 percent), Japan (-5.3 percent) and Switzerland (-3.3 percent).

For 2014 as a whole, exports of goods rose by 3.2 percent over 2013. Within this total, the value of re-exports increased by 3.2 percent, while the value of domestic exports grew 1.7 percent. Concurrently, the value of imports of goods increased by 3.9 percent, resulting in a trade deficit of HKD 546.3 billion.

Hong Kong Trade Deficit at Record High

Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
1/27/2015 11:24:30 AM