Hong Kong Trade Deficit Widens in October


Hong Kong trade gap increased to HKD 49.8 billion in October of 2014 from HKD 38.05 billion a year earlier, as imports rose faster than exports.

In October 2014, the value of total exports of goods (comprising re-exports and domestic exports) increased by 2.7 percent over a year earlier to HKD 331.7 billion, after a 4.5 percent rise in September 2014. At the same time, the value of imports of goods increased by 5.6 percent over a year earlier to HKD 381.6 billion in October 2014, after a 6.3 percent rise in September 2014.

Year-on-year, total exports to Asia grew by 1.7 percent, driven by sales to Vietnam (43.8 percent), Malaysia (42.1 percent), the Philippines (17.2 percent), Thailand (13.7 percent), India (12.0 percent) and China (0.1 percent). On the other hand, exports to South Korea and Taiwan (-2.8 percent) decreased by 10.8 percent and 2.8 percent respectively. Apart from destinations in Asia, shipments rose to the United States (3.7 percent) and fell to Germany (-12.3 percent) and the United Kingdom (-1.7 percent).

By commodity, increases were registered in shipments of telecommunications and sound recording and reproducing apparatus and equipment (6.6 percent); electrical machinery, apparatus and appliances and electrical parts (4.5 percent); and office and automatic data processing machines (7.5 percent).

Imports from most major suppliers increased, in particular from India (29.6 percent), Taiwan (24.2 percent), South Korea (21.9 percent), Thailand (21.5 percent) and Singapore (8.4 percent). Purchases from China also rose by 4.4 percent. At the same time, a decrease was registered in imports from Malaysia (14.0 percent).

By commodity, imports of electrical machinery, apparatus and appliances, and electrical parts rose 11.6 percent; telecommunications and sound recording and reproducing apparatus and equipment went up 12.9 percent; and office and automatic data processing machines increased by 7 percent.

In the first ten months of 2014, exports of goods rose by 3.8 percent over the same period in 2013. Concurrently, the value of imports of goods increased by 4.3 percent. 

Hong Kong Trade Deficit Widens in October


Census and Statistics Department | Ricardo Martins | ricardo.martins@tradingeconomics.com
11/25/2014 1:24:25 PM