Hong Kong Trade Deficit Narrows in February


Hong Kong trade deficit narrowed to HKD 42.7 billion in February of 2018 from HKD 56.3 billion in the same month a year earlier. Exports increased 1.7 percent year-on-year to HDK 245.7 billion, mainly due to miscellaneous manufactured articles. Meantime, imports dropped 3.2 percent to HDK 288.5 billion, mostly due to telecommunications and sound recording and reproducing apparatus and equipment.

Year-on-year, exports rose 1.7 percent to HDK 245.7 billion, following a 18.1 percent gain in January. Sales to Asia as a whole fell 5.9 percent, in particular Vietnam (-26.8 percent) and China (-10.5 percent). In contrast, total exports grew to Malaysia (21.9 percent), Philippines (16.4 percent), Japan (16.1 percent) and Singapore (16.0 percent). Apart from destinations in Asia, increases were recorded in the values of total exports to some major destinations in other regions, mainly Germany (50.5 percent), the United Kingdom (33.5 percent) and the US (31.8 percent).

By commodity, shipments advanced for: miscellaneous manufactured articles (35.8 percent); articles of apparel and clothing accessories (40.4 percent) and electrical machinery, apparatus, appliances and electrical parts thereof (2.2 percent). Meanwhile, a fall was registered in the value of total exports of telecommunications and sound recording and reproducing apparatus and equipment (-7.7 percent).

Imports went down 3.2 percent to HDK 288.5 billion, after a 23.8 percent rise in the prior month. Purchases decreased mainly from India (-21.3 percent), the US (-14.5 percent), Japan (-13.8 percent), Taiwan (-11.8 percent), Thailand (-7.6 percent) and Singapore (-7.1 percent). By contrast, total imports went up from Malaysia (71.8 percent).

By commodity, imports dropped mostly for: telecommunications and sound recording and reproducing apparatus and equipment (-18.7 percent); miscellaneous manufactured articles (-11.6 percent) and electrical machinery, apparatus and appliances, and electrical parts thereof (-1.0 percent). On the other hand, an increase was recorded in the value of imports of office machines and automatic data processing machines (12.3 percent).

Hong Kong Trade Deficit Narrows in February


Census and Statistics Department of Hong Kong l Stefanie Moya | stefanie.moya@tradingeconomics.com
3/27/2018 9:32:19 AM