Hong Kong Trade Deficit Narrows in February


Hong Kong trade gap decreased to HKD 35.88 billion in February of 2015 from a HKD 53.67 billion shortfall a year earlier, boosted by a rise in exports.

Comparing with the same month of the previous year, exports increased by 7.2 percent to HKD 228.3 billion. Sales to Asia went down by 3.3 percent mainly due to decreases in Taiwan (-11.5 percent) and the mainland of China  (-10.1 percent). On the other hand, strong increases were recorded in the values of total exports to the USA (+55.2 percent), Philippines (+52.7 percent), Thailand (+49.6 percent) United Kingdom (+47.3 percent), Germany (+37.3 percent) and Japan (+27.1 percent). 

Exports of articles of apparel and clothing accessories went up by 49.2 percent to HKD 3.6 billion; miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) increased by 29.6 percent to  HKD 3.2 billion and telecommunications and sound recording and reproducing apparatus and equipment rose by 21.4 percent to HKD 8.5 billion; 

Imports decreased by 0.9 percent over a year earlier to HKD 264.2 billion in February of 2015, driven by less purchases from Switzerland (-27.1 percent), Taiwan (-15.9 percent), Japan (-14.1 percent), Singapore (-12.3 percent) and Malaysia (-11.7 percent). Concurrently, increases were registered in the values of imports from the Mainland (+12.6 percent) and Korea (+3.9 percent). 

Imports of miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) fell by 19.1 percent to HKD 3.3 billion; petroleum, petroleum products and related materials dropped by 30.9 to HKD 2.6 billion and office machines and automatic data processing machines decreased by 9.8 percent to HKD 2.4 billion. However, an increase of 26.6 percent was registered in the value of imports of telecommunications and sound recording and reproducing apparatus and equipment.

A Government spokesman noted that taking the first two months of 2015 together to remove the distortion caused by the difference in timing of the Chinese New Year holidays, merchandise exports grew moderately against a relatively low base of comparison a year earlier. Exports to the US and some Asian economies saw more visible growth. Nevertheless, given the still-challenging global economic outlook, more observations will be needed to ascertain if the moderate growth trend will continue in the period ahead.

Hong Kong Trade Deficit Narrows in February


Census and Statistics Department | Carolina Cunha | carolina.cunha@tradingeconomics.com
3/26/2015 9:27:38 AM