Hong Kong Trade Deficit Widens in January


Hong Kong trade deficit widened to HKD 31.9 billion in January of 2018 from HKD 12.3 billion in the same month of the previous year. Imports increased 23.8 percent year-on-year to HDK 381.8 billion, mostly due to higher purchases of electrical machinery and office machines. Meantime, exports surged 18.1 percent to HDK 350.0 billion, mainly due to electrical machinery, apparatus and appliances, and electrical parts thereof.

Year-on-year, imports jumped 23.8 percent to HKD 381.8 billion, following a 9.0 percent rise in the prior month. Purchases advanced mainly from Malaysia (126.2 percent), Switzerland (88.2 percent), India (35.8 percent), Korea (28.7 percent), the US (24.7 percent), China (20.6 percent) and Japan (17.8 percent).

By commodity, imports went up mostly for: electrical machinery, apparatus and appliances, and electrical parts thereof (26.6 percent); office machines and automatic data processing machines (36.7 percent) and miscellaneous manufactured articles (34.5 percent).

Exports grew 18.1 percent to HKD 350.0 billion, after a 6 percent increase in December. Sales to Asia as a whole rose 24.2 percent, in particular Taiwan (40.0 percent), India (39.4 percent), China (29.0 percent), Vietnam (23.0 percent) and Japan (8.0 percent). In contrast, total exports dropped to Korea (-9.1 percent) and Thailand (-3.6 percent). Apart from destinations in Asia, increases were recorded in the values of total exports to some major destinations in other regions, mainly the US (1.0 percent). Conversely, decreases were recorded in exports to the United Kingdom (-13.0 percent) and Germany (-2.8 percent).

By commodity, shipments advanced for: electrical machinery, apparatus and appliances, and electrical parts thereof (30.4 percent); office machines and automatic data processing machines (27.4 percent) and non-metallic mineral manufactures (43.8 percent). On the other hand, declines were registered in the value of total exports of telecommunications and sound recording and reproducing apparatus and equipment (-2.0 percent) and photographic apparatus, equipment and supplies, optical goods, watches and clocks (-1.9 percent).

Hong Kong Trade Deficit Widens in January


Census and Statistics Department of Hong Kong l Stefanie Moya | stefanie.moya@tradingeconomics.com
2/27/2018 9:21:39 AM