Hong Kong Trade Deficit Narrows in October


Hong Kong trade gap decreased by 38.5 percent to HKD 29.6 billion in October of 2015 from a HKD 49.8 billion deficit a year earlier, as exports fell at a slower pace than imports.

Year-on-year, exports went down by 3.7 percent to HKD 319.6 billion from HKD 331.7 billion. Sales to Malaysia (-29.1 percent); Korea (-17.3 percent); Taiwan (-9.0 percent), Singapore (-8.9 percent), Japan (-4.8 percent); Thailand (-4.6 percent) and the mainland of China (-3.4 percent) decreased the most. Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-7.7 percent), the USA (-7.3 percent) and Germany (-3.5 percent). On the other hand, increases were recorded in the values of total exports to India (+31.8 percent).

Exports of office machines and automatic data processing machines went down by 16.3 percent; miscellaneous manufactured articles by 10.9 percent and articles of apparel and clothing accessories by 16.9 percent. However, sales of telecommunications and sound recording and reproducing apparatus and equipment rose by 9.7 percent.

Imports declined faster by 8.5 percent to HKD 349.2 billion from 381.6 billion in October last year, driven by lower purchases from Switzerland (-44.1 percent), India (-27.6 percent), the US (-20.7 percent), and the mainland of China (-3.6 percent). By contrast, imports from Korea went up 5.8 percent.

Imports of miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) declined by 21.9 percent, non-metallic mineral manufactures by 23.9 percent and office machines and automatic data processing machines by 13.7 percent. However, purchases of telecommunications and sound recording and reproducing apparatus and equipment increased by 6.7 percent.

For the first ten months of 2015, exports dropped by 1.7 percent over the same period in 2014, and imports decreased by 3.6 percent. The visible trade deficit of HKD 361.6 billion was equivalent to 10.8 percent of the value of imports.

Hong Kong Trade Deficit Narrows in October


Census and Statistics Department | Yekaterina Guchshina | yekaterina@tradingeconomics.com
11/26/2015 9:16:56 AM