Hong Kong Trade Gap Widens 17.1% YoY in July


Hong Kong trade deficit increased by 17.1 percent to HKD 33.3 billion in July 2016 from HKD 28.4 billion a year earlier. Exports dropped for the 15th straight month by 5.1 percent while imports declined at a slower 3.3 percent. For the first seven months of the year, the trade deficit amounted to HKD 232.9 billion compared to HKD 270.7 billion in the same period of 2015, as exports of goods dropped 4.1 percent and imports slumped 5.2 percent.

Exports declined by 5.1 percent over a year earlier to HKD 304.5 billion, after a decrease of 1 percent in June 2016. Sales to Asia as a whole went down by 5.4 percent, in particular Vietnam (-10.7 percent), India (-9.3 percent), the Philippines (-8.5 percent), China (-6.4 percent) and Malaysia (-1.8 percent). On the other hand, increases were recorded in the values of total exports to Taiwan (+18.1 percent), Singapore (+8.7 percent) and Korea (+4.5 percent). Apart from destinations in Asia, decreases were registered mainly for the United Kingdom (-19.4 percent), Germany (-5.8 percent) and the USA (-1.7 percent).

By commodity, decreases were recorded for: Office machines and automatic data processing machines (-14.7 percent); articles of apparel and clothing accessories (-15.3 percent); and miscellaneous manufactured articles, mainly jewellery, goldsmiths' and silversmiths' wares (-7.2 percent). However, an increase was registered in the value of total exports of electrical machinery, apparatus and appliances, and electrical parts thereof (+2.2 percent).

Imports decreased by 3.3 percent over a year earlier to HKD 337.8 billion, after a decrease of 0.9 percent in June 2016. Imports from some major suppliers declined: Switzerland (-19.3 percent), Malaysia (-16.1 percent), China (-6.2 percent), Japan (-5.4 percent), the USA (-4.5 percent) and Korea (-0.7 percent). Concurrently, increases were registered in the values of imports from Taiwan (+10.5 percent) and Singapore (+10 percent).

By commodity, decreases were registered in particular for: Miscellaneous manufactured articles, mainly jewellery, goldsmiths' and silversmiths' wares (-17.8 percent); office machines and automatic data processing machines (-11.8 percent) and articles of apparel and clothing accessories (-17 percent). However, an increase was registered in the value of imports of electrical machinery, apparatus and appliances, and electrical parts thereof (+10 percent).

For the first seven months of the year, the trade deficit amounted to HKD 232.9 billion compared to HKD 270.7 billion in the same period of 2015, as exports of goods dropped 4.1 percent and imports slumped 5.2 percent.

Hong Kong Trade Gap Widens 17.1% YoY in July


Census and Statistics Department | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/25/2016 10:59:49 AM