Hong Kong Trade Deficit Widens 20% in September

Hong Kong trade gap increased to HKD 50.4 billion in September of 2014 from HKD 42 billion a year earlier. It is the highest shortfall in five months as exports grew at a slower pace and imports surged.
Census and Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com 10/27/2014 8:54:45 AM
In September 2014, the value of total exports of goods increased by 4.5 percent over a year earlier to HKD 332.0 billion, after a year-on-year increase of 6.4 percent in August 2014. Within this total, the value of re-exports increased by 4.6 percent, whereas the value of domestic exports decreased by 5.5 percent. Concurrently, the value of imports of goods increased by 6.3 percent over a year earlier to HKD 382.4 billion in September 2014, after a year-on-year increase of 3.4 percent in August 2014. 

Sales to Asia as a whole grew by 4.5 percent. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+29.1 percent), the Philippines (+18.4 percent), Vietnam (+16.2 percent), Malaysia (+15.3 percent) and Thailand (+14.2 percent). The value of total exports to China also rose by 3.6 percent. On the other hand, decreases were recorded in exports to Korea (-20.5 percent) and Japan (-2.6 percent).

Apart from destinations in Asia, increases were also registered in shipments to the USA (+1.3 percent). Concurrently, decreases were registered in the values of total exports to the United Kingdom (-6.4 percent) and Germany (-4.5 percent).

Meanwhile, sales of some principal commodity divisions increased, in particular electrical machinery, apparatus and appliances, and electrical parts thereof (+ 9.8 percent), telecommunications and sound recording and reproducing apparatus and equipment (+6.2 percent) and non-metallic mineral manufactures (+23.6 percent).

Imports from all major suppliers rose, in particular Malaysia (+21.8 percent), Taiwan (+15.4 percent), Thailand (+14.7 percent), Korea (+8.8 percent) and Singapore (+7.2 percent). The value of imports from China also rose by 2.0 percent. 

For the first nine months of 2014 exports rose 3.9 percent year-on-year while imports increased 4.1 percent. 

Hong Kong Trade Deficit Widens 20% in September