Hong Kong Trade Deficit Widens in July


Hong Kong trade deficit increased to HKD 42.1 billion in July of 2014 from a HKD 37.1 billion gap a year earlier. Although exports grew solidly further in July, following a double-digit surge in June, imports increased at a faster pace.

In July of 2014, the value of total exports of goods increased by 6.8 percent over a year earlier to HKD 326.2 billion, after a year-on-year increase of 11.4 percent in June. Within this total, the value of re-exports increased by 6.8 percent to HKD 321.0 billion in July 2014, while the value of domestic exports increased by 7.0 percent to HKD 5.1 billion. 

Year-on-year, exports to Asia as a whole grew by 8.1 percent. In this region, increases were registered in sales to India (+29.7 percent), Thailand (+22.7 percent), Korea (+22.4 percent), Vietnam (+20.4 percent) and Malaysia (+18.2 percent). The value of total exports to China also rose by 6.5 percent. Apart from destinations in Asia, increases were also registered shipments to Germany (+2.4 percent) and the United Kingdom (+0.3 percent). Concurrently, a decrease was registered in the value of total exports to the USA (-1.7 percent).

Increases were registered in exports of most principal commodity divisions, in particular electrical machinery, apparatus and appliances, and electrical parts thereof (13.7 percent), telecommunications and sound recording and reproducing apparatus and equipment (9.0 percent) and non-metallic mineral manufactures (15.9 percent).

The value of imports of goods increased by 7.5 percent over a year earlier to HKD 368.3 billion in July 2014, after a year-on-year increase of 7.6 percent in June. Increases were registered in purchases from Singapore (+19.3 percent), India (+19.2 percent), Taiwan (+16.8 percent), Korea (+16.6 percent) and Thailand (+14.5 percent). The value of imports from China also rose by 7.4 percent.

Hong Kong Trade Deficit Widens in July


Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
8/25/2014 9:54:18 AM