Hong Kong Trade Deficit Narrows in October

In October of 2013, Hong Kong trade deficit narrowed for the second consecutive month to 38.1 billion HKD, from 42.6 billion HKD a year earlier. Total exports rose by an annual 8.8 percent helped by a low base of comparison. Sales to major Asian markets and the EU recorded growth, offsetting a further decline in the US market.
Census & Statistics Department | Joana Taborda | joana.taborda@tradingeconomics.com 11/26/2013 9:28:21 AM
In October 2013, the value of total exports of goods (comprising re-exports and domestic exports) increased by 8.8 percent over a year earlier to 323.1 billion HKD, after a year-on-year increase of 1.5 percent in September.  Within this total, the value of re-exports increased by 9.1 percent to 318.7 billion HKD, whereas the value of domestic exports decreased by 7.7 percent to 4.5 billion HKD. 

Year-on-year, total exports to Asia as a whole grew by 10.8 percent. In this region, increases were registered in shipments to Korea (+28.1 percent), Thailand (+22.0 percent), Vietnam (+21.7 percent), Singapore (+15.3 percent) and China (+10.4 percent). On the other hand, decreases were recorded in sales to Malaysia (-3.6 percent) and India (-0.8 percent). 

Apart from destinations in Asia, increases were also registered in exports to the United Kingdom (+10.5 percent). Concurrently, decreases were registered in the values of total exports to Germany (-5.1 percent) and the USA (-3.6 percent). 

Sales of electrical machinery, apparatus and appliances, and electrical parts thereof rose 26.8 percent; telecommunications and sound recording and reproducing apparatus and equipment increased 12.8 percent and non-metallic mineral manufactures went up by 13.5 percent. However, sales of miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods dropped by 11.9 percent and office machines and automatic data processing machines decreased 2.3 percent.

Imports of goods increased by 6.3 percent over a year earlier to 361.2 billion HKD in October of 2013, after a year-on-year increase of 0.4 percent in September.

Hong Kong Trade Deficit Narrows in October