Hong Kong Posts Smallest Trade Gap in 7 Years

The trade deficit in Hong Kong narrowed to HKD 10.3 billion in January 2019 from HKD 31.9 billion in the same month of the previous year. It was the smallest trade gap since January 2012, as imports fell 6 percent year-on-year while exports declined 0.4 percent.

Year-on-year, imports dropped 6 percent to HKD 359.0 billion in January 2019, mainly due to lower purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (-10.8 percent); non-metallic mineral manufactures (-21.4 percent) and telecommunications and sound recording and reproducing apparatus and equipment (-4.9 percent).

Among major trading partners, imports fell from Korea (-36.0 percent), India (-34.6 percent), Switzerland (-17.5 percent), Japan (-14.2 percent), Taiwan (-11.0 percent); the US (-9.5 percent) and China (-1.6 percent).

Meantime, exports declined 0.4 percent to HKD 348.7 billion, mostly due to lower sales of non-metallic mineral manufactures (-23.9 percent); office machines and automatic data processing machines (-8.0 percent) and articles of apparel and clothing accessories (-1.3 percent).

Sales to Asia as a whole decreased 3.6 percent, namely India (-35.2 percent), Taiwan (-18.6 percent), Vietnam (-7.9 percent) and China (-3.9 percent). On the other hand, exports rose to Malaysia (25.6 percent), Philippines (24.4 percent), Singapore (17.9 percent) and Thailand (14.5 percent). Apart from destinations in Asia, sales fell to the US (-5.8 percent) and Germany (-1.1 percent) while went up to the UK (10.7 percent).

 Hong Kong Posts Smallest Trade Gap in 7 Years

Census and Statistics Department of Hong Kong | Stefanie Moya | stefanie.moya@tradingeconomics.com
2/26/2019 8:57:35 AM