Hong Kong Trade Deficit Narrows in May


The trade deficit in Hong Kong narrowed to HKD 34.7 billion in May 2019 from HKD 43.3 billion in the corresponding month of the previous year. Exports fell 2.4 percent year-on-year to HKD 343.1 billion and imports dropped at a faster 4.3 percent to HKD 377.8 billion.

Year-on-year, exports declined 2.4 percent to HKD 343.1 billion in May 2019, mainly due to lower sales of office machines & automatic data processing machines (-15.7 percent); electrical machinery, apparatus an& appliances, and electrical parts thereof (-2 percent) and miscellaneous manufactured articles (-7.1 percent). On the other hand, sales of telecommunications & sound recording and reproducing apparatus & equipment rose (2.9 percent).

Exports to Asia as a whole went down 2.6 percent, namely Thailand (-14 percent), Malaysia (-11.6 percent), Singapore (-9.5 percent) and the Mainland (-4.1 percent). In contrast, exports advanced to South Korea (24.5 percent), the Philippines (12.1 percent) and India (8.9 percent). Apart from destinations in Asia, export dropped to Germany (-16.9 percent) and the US (-15 percent).

Imports decreased 4.3 percent to HKD 377.8 billion, mostly due to lower purchases of electrical machinery, apparatus & appliances, and electrical parts thereof (-5.3 percent); office machines & automatic data processing machines (-14.3 percent) and telecommunications & sound recording and reproducing apparatus & equipment (-4.1 percent). Meanwhile, purchases of photographic apparatus, equipment & supplies, optical goods, watches & clocks went up (6.5 percent).

Among major trading partners, imports declined from South Korea (-29.6 percent), India (-18.6 percent), Japan (-10.6 percent), Malaysia (-4.2 percent) and the Mainland (-4 percent). Concurrently, imports increased from Switzerland (22 percent) and the US (2.1 percent).

"A Government spokesman said that merchandise exports remained subdued in May, affected by the weaker global economy and US-Mainland trade tensions. The situation was similar to that in many other Asian economies. Looking ahead, the near-term outlook for Hong Kong's exports will continue to be clouded by various external uncertainties, including notably the evolution of US-Mainland trade relations. The Government will stay vigilant."

 Hong Kong Trade Deficit Narrows in May


Census and Statistics Department of Hong Kong | Stefanie Moya | stefanie.moya@tradingeconomics.com
6/25/2019 8:49:53 AM