Hong Kong Trade Deficit Widens in March


Hong Kong trade deficit widened to HKD 55.5 billion in March of 2018 from HKD 42.3 billion in the same month a year earlier. Imports jumped 10.7 percent year-on-year to HKD 403.2 billion, mostly due to electrical machinery & electrical parts thereof; office machines & automatic data processing machines and petroleum & petroleum products. Meantime, exports increased 8 percent to HKD 347.7 billion, mainly due to electrical machinery & electrical parts thereof. For the first quarter of 2018 as a whole, exports rose by 9.7 percent while imports increased 10.6 percent over the same quarter in 2017. As a result, the trade deficit widened 17.3 percent to HKD 130 billion.

Year-on-year, imports jumped 10.7 percent to HKD 403.2 billion, after a 3.2 percent drop in the prior month. Purchases increased mainly from Malaysia (+98.1 percent), Switzerland (+45.8 percent), Taiwan (+34.9 percent), Singapore (+22.1 percent) and Korea (+15.9 percent). By contrast, total imports from India went down (-29.7 percent).

By commodity, imports grew mostly for electrical machinery & electrical parts thereof (+23.7 percent); office machines & automatic data processing machines (+24.1 percent) and power generating machinery & equipment (+42.1 percent). On the other hand, a drop was recorded in the value of imports of non-metallic mineral manufactures (-21.4 percent).

Exports rose 8 percent to HKD 347.7 billion, following a 1.7 percent gain in February. Sales to Asia as a whole grew 9.4 percent, in particular Malaysia (+17.5 percent), China (+17.3 percent), Singapore (+4.7 percent), Korea (+2.8 percent) and Thailand (+2.3 percent). In contrast, total exports fell to India (-35.3 percent) and Taiwan (-7.4 percent). Apart from destinations in Asia, an increase was recorded in the values of total exports to Germany (+5.8 percent), while sales dropped for the United Kingdom (-2.4 percent) and the US (-0.8 percent).

By commodity, shipments advanced for electrical machinery & electrical parts thereof (+23.7 percent); office machines & automatic data processing machines (+ 24.1 percent) and power generating machinery & equipment (+42.1 percent). Meanwhile, a fall was registered in the value of total exports of non-metallic mineral manufactures (-21.4 percent).

Hong Kong Trade Deficit Widens in March


Census and Statistics Department of Hong Kong | Gabriela Costa | gabriela.costa@tradingeconomics.com
4/26/2018 9:34:56 AM