Hong Kong Trade Deficit Narrows in July

In July of 2013, Hong Kong posted a trade deficit of HKD 37.2 billion, down from HKD 49.7 billion in June and HKD 40.1 billion a year earlier, as exports to China and other Asian countries grew notably.

In July 2013, the value of total exports of goods increased by 10.6 percent over a year earlier to HKD 305.4 billion, after a year-on-year decrease of 0.2 percent in June. Within this total, the value of re-exports increased by 10.9 percent, whereas the value of domestic exports decreased by 6.7 percent. Shipments of electrical machinery, apparatus and appliances, and electrical parts increased 12.3 percent yoy; telecommunications and sound recording and reproducing apparatus and equipment went up by 18.3 percent and office machines and automatic data processing machines expanded 22.4 percent yoy.

The value of imports of goods increased by 8.3 percent over a year earlier to HKD 342.6 billion in July, after a year-on-year increase of 1.4 percent in June. 

Year-on-year, exports to Asia as a whole grew by 12.0 percent. In this region, increases were registered in the values of total exports to most major destinations, in particular Vietnam (+23.7 percent), Singapore (+15.5 percent), China (+14.4 percent), Thailand (+12.1 percent) and the Philippines (+8.3 percent). On the other hand, decreases were recorded in the values of exports to Japan (-8.5 percent) and Korea (-3.7 percent).

Apart from destinations in Asia, increases were also registered in the values of exports to the United Kingdom (+15.1 percent), Germany (+3.4 percent) and the USA (+2.9 percent).

Hong Kong Trade Deficit Narrows in July

Census & Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com
8/27/2013 10:26:22 AM