Hong Kong Trade Deficit Widens in January

Hong Kong trade gap increased to HKD 37 billion in the first month of 2015 from a 19.9 billion shortfall a year earlier, due to a surge in imports from Japan, Taiwan, South Korea, Thailand, Singapore and China. Yet, the Chinese New Year fell in mid-February this year but in late January last year.
Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com 2/26/2015 9:37:22 AM
Exports rose 2.8 percent year-on-year to HKD 311.87 billion, following a 0.6 percent increase in the previous month. 

Sales to Asia as a whole grew by 7.1 percent, mainly driven by sales to Vietnam (+35.1 percent), the Philippines (+20.7 percent), Singapore (+17.1 percent), Thailand (+15.1 percent) and China (+9.2 percent). On the other hand, decreases were recorded sales to South Korea (-15.0 percent), Japan (-13.9 percent) and India (-6.4 percent).

Apart from destinations in Asia, increases were registered in shipments to the United Kingdom (+3.8 percent) while sales to Germany shrank 11.2 percent and those to the USA dropped 6.4 percent.

By commodity, increases were registered for electrical machinery, apparatus and appliances, and electrical parts thereof (up 12.9 percent) and telecommunications and sound recording and reproducing apparatus and equipment (+4.2 percent). However, decreases were recorded for apparel and clothing accessories (-21.9 percent) and non-metallic mineral manufactures (-11.6 percent).

Imports surged 7.9 percent year-on-year to HKD 349.9 billion, driven by purchases from Japan (+23.1 percent), Taiwan (+18.3 percent), South Korea (+13.5 percent), Thailand (+11.2 percent), Singapore (+9.7 percent) and China (+5.5 percent).

Hong Kong Trade Deficit Widens in January