Hong Kong Trade Deficit Widens 58% YoY in February


Hong Kong’s trade deficit increased sharply to HKD 53.7 billion in February of 2014 as exports fell by an annual 1.3 percent. Yet, taking January and February as a whole to neutralize the distortion caused by the difference in timing of the Lunar New Year holidays, export performance in the first two months of 2014 was rather sluggish.

Total exports of goods decreased by 1.3 percent yoy to HKD 212.9 billion, whereas the value of imports increased by 6.8 percent yoy to HKD 266.6 billion.

Year-on-year, exports to Asia as a whole grew by 3.7 percent. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+33.1 percent), Singapore (+14.8 percent), Indonesia (+8.6 percent) and China (+6.5 percent).  On the other hand, decreases were recorded in the values of total exports to India (-18.0 percent), Japan (-13.7 percent) and Korea (-10.9 percent).

Apart from destinations in Asia, decreases were registered in exports to Germany (-19.7 percent), the USA (-19.5 percent) and the United Kingdom (-16.9 percent).

By commodity, decreases were registered in sales of office machines and automatic data processing machines (-12.5 percent), articles of apparel and clothing accessories (-30.5 percent) and telecommunications and sound recording and reproducing apparatus and equipment (-6.6 percent).  However, an increase was registered in shipments of electrical machinery, apparatus and appliances, and electrical parts (+ 18.0 percent).

Increases were registered in imports of electrical machinery, apparatus and appliances, and electrical parts (22.0 percent) and non-metallic mineral manufactures (+18.0 percent).  However, decreases were registered for office machines and automatic data processing machines (-9.9 percent) and petroleum, petroleum products and related materials (-19.3 percent).

Purchases from Malaysia (+40.7 percent), Thailand (+29.3 percent), Taiwan (+25.8 percent), Switzerland (+20.7 percent) and India (+15.8 percent) increased, while those from Singapore (-2.8 percent) and China (-0.8 percent) fell on the year.

Taking the first two months of 2014 together, exports of goods dropped by 0.8 percent over the same period in 2013, while imports of goods increased by 1.4 percent.

Hong Kong Trade Deficit Widens 58% YoY in February


Census & Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
3/25/2014 9:21:32 AM