Hong Kong Trade Deficit Widens in May on Falling Exports


In Hong Kong, the value of merchandise exports relapsed to a modest year-on-year decline in May of 2013, amid sustained weakness in the advanced markets as well as mixed performance across many major Asian markets. A visible trade deficit of HKD 44.3 billion, equivalent to 13.2 percent of the value of imports, was recorded in May, up from HKD 42.6 billion in April and and HKD 35.5 billion a year ago.

In May of 2013, the value of total exports of goods decreased by 1 percent over a year earlier to HKD 291.5 billion, after a year-on-year increase of 9 percent in April. Within this total, the value of re-exports decreased by 0.9 percent, while the value of domestic exports decreased by 9 percent. Month-over-month, exports marginally increased by 0.4 percent.

Year-on-year, total exports to Asia as a whole grew by 0.7 percent in May, in particular those to India (+24.9 percent), Vietnam (+11.3 percent), Korea (+4.5 percent), the Philippines (+0.8 percent) and the mainland of China (+0.7 percent). On the other hand, decreases were recorded in the values of total exports to Japan (-12.1 percent), Malaysia (-10.2 percent) and Taiwan (-9.9 percent). 

Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-11.1 percent), the United Kingdom (-9.0 percent) and the USA (-7.9 percent).

Year-on-year, decreases were registered in the values of total exports of office machines and automatic data processing machines (-20.7 percent) and baby carriages, toys, games and sporting goods (-6.3 percent). However, increases were registered in the values of total exports of telecommunications and sound recording and reproducing apparatus and equipment (+10.8 percent).

The value of imports of goods increased by 1.7 percent over a year earlier to HKD 335.8 billion in May 2013, after a year-on-year increase of 7.7 percent in April, mainly due to higher imports of telecommunications and sound recording and reproducing apparatus and equipment (+14.7 percent) and electrical machinery, apparatus and appliances, and electrical parts thereof (+7.7 percent). However, decreases were registered in the values of imports of office machines and automatic data processing machines (-20.2 percent). Month-over-month, imports increased 0.85 percent. 

Increases were registered in the values of imports from Korea (+22.3 percent), Taiwan (+10.1 percent), the USA (+5.2 percent), India (+3.1 percent), Thailand (+2.9 percent) and China (+1.5 percent). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Malaysia (-24.7 percent), Japan (-14.3 percent) and Switzerland (-7.7 percent).

Hong Kong Trade Deficit Widens in May on Falling Exports


Census & Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
6/25/2013 10:31:24 AM