Hong Kong Trade Deficit Narrows Sharply in January


In January of 2014, Hong Kong’s trade deficit decreased 63 percent over a month earlier to HKD 19.8 billion, due to a fall in imports. A year earlier the trade deficit reached HKD 27.5 billion, as the Chinese New Year fell in late January and early February in 2014 but in mid-February in 2013.

The value of total exports of goods decreased slightly by 0.4 percent over a year earlier to HKD 303.5 billion, after remained virtually unchanged from a year earlier in December of 2013. Decreases were recorded in shipments of telecommunications and sound recording and reproducing apparatus and equipment (-5.1 percent) and jewelry, goldsmiths' and silversmiths' wares (-13.4 percent). 

Sales to Asia as a whole went down by 4.1 percent. In this region, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-22.6 percent), Singapore (-7.9 percent), China (-6.5 percent) and Vietnam (-1.5 percent). On the other hand, increases were recorded in sales to Thailand (+18.7 percent), India (+13.4 percent) and Korea (+13.2 percent).

Apart from destinations in Asia, decreases were also registered in exports to the United Kingdom (-7.4 percent) and Germany (-0.3 percent). Concurrently, an increase was registered sales to the USA (+9.7 percent).

The value of imports of goods decreased by 2.7 percent over a year earlier to HKD 323.4 billion, after a year-on-year increase of 1.8 percent in December. Decreases were registered in imports of jewelry, goldsmiths' and silversmiths' wares (-21.5 percent), office machines and automatic data processing machines (-13.2 percent) and telecommunications and sound recording and reproducing apparatus and equipment (-6.5 percent).

Hong Kong Trade Deficit Narrows Sharply in January


Census & Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
2/25/2014 10:31:48 AM