Hong Kong Trade Deficit Narrows in May

Hong Kong trade gap decreased to HKD 40.11 billion in May of 2015 from a HKD 42.35 billion deficit a year earlier, as exports and imports fell.

Exports went down by 4.6 percent to HKD 291.8 billion compared with May 2014, after a year-on-year increase of 2.2 percent in April 2015. Sales to Asia declined 5.7 percent, due to decreases in Taiwan (-23.9 percent), Japan (-13.6 percent), India (-7.7 percent), the mainland of China (-6.6 percent) and Korea (-6.4 percent). On the other hand, overall increases were recorded in Vietnam (+35.1 percent) and Malaysia (+9.1 percent). Apart from destinations in Asia, decreases were also registered in Germany (-5.7 percent). In contrast, increases were registered in the value of total exports in the United Kingdom (+7.6 percent) and the USA (+5.3 percent)

Exports of office machines and automatic data processing machines went down by 9.4 percent; non-metallic mineral manufactures decreased by 11.2 percent and miscellaneous manufactured articles by 8.1 percent; while electrical machinery, apparatus and appliances, and electrical parts thereof went up 2.1 percent.

Imports declined 4.7 percent to HKD 331.9 billion compared with May of the previous year, after a year-on-year decrease of 2.9 percent in April 2015, driven by less purchases from Switzerland (-31.8 percent), Malaysia (-17.4 percent), Japan (-13.6 percent), Taiwan (-11.5 percent), Korea (-10.5 percent), India (-10.1 percent), and the mainland of China (-2.4 percent). In contrast, increases were registered from USA (+12.4 percent) and Thailand (+4.5 percent).

Imports of office machines and automatic data processing machines decreased by 13.9 percent; electrical machinery, apparatus and appliances and electrical parts thereof by 3 percent; and non-metallic mineral manufactures by 15 percent. However, a year-on-year increase was registered in the value of telecommunications and sound recording and reproducing apparatus and equipment by 9.5 percent.

The visible trade deficit of HKD 40.1 billion was equivalent to 12.1 percent of the value of imports of goods.

Hong Kong Trade Deficit Narrows in May

Census and Statistics Department | Yekaterina Guchshina | yekaterina@tradingeconomics.com
6/25/2015 12:19:12 PM