Hong Kong Trade Deficit Narrows in May


Hong Kong trade gap decreased to HKD 42.4 billion in May of 2014 from HKD 44.3 billion a year earlier, as exports grew at a faster pace than imports, driven by higher demand from the Asian countries and the United States.

In May of 2014, exports increased by 4.9 percent over a year earlier to HKD 306.0 billion. Higher exports were delivered to Asia (+3.7 percent yoy), Japan (+11.9 percent), Vietnam (+11.5 percent), Malaysia (+9.5 percent), Taiwan (+7.6 percent), China (+3.5 percent), Germany (+9.4 percent), the USA (+4.5 percent) and the United Kingdom (+4.0 percent). In contrast, decreases were recorded in exports to India (-8.0 percent), Singapore (-0.8 percent) and Thailand (-0.5 percent).

Year-on-year, exports increased for the following commodities: electrical machinery, apparatus and appliances, and electrical parts thereof (13.6 percent), non-metallic mineral manufactures (13.6 percent) and office machines and automatic data processing machines (4.9 percent). However, a decrease was registered in sales of textile yarn, fabrics, made-up articles and related products (-12.0 percent).

Imports amounted to HKD 348.3 billion, increasing 3.7 percent from May of 2013. Higher purchases were recorded for electrical machinery, apparatus and appliances, an electrical parts thereof (16.0 percent), non-metallic mineral manufactures (8.7 percent) and miscellaneous manufactured articles (mainly jewelry, goldsmiths' and silversmiths' wares) (4.5 percent).Hong Kong Trade Deficit Narrows in May.

Hong Kong Trade Deficit Narrows in May


Census and Statistics Department, Hong Kong | Isabel Felino | isabel.felino@tradingeconomics.com
6/26/2014 10:22:21 AM