Hong Kong Trade Gap Widens in November


Hong Kong trade deficit increased by 16.8 percent to HKD 39.7 billion in November 2017 from HKD 34.1 billion in the same month of the previous year. Imports rose 8.6 percent to HKD 407.1 billion while exports advanced at a softer 7.8 percent to HKD 367.4 billion. Considering the January to November period, the trade deficit widened to HKD 421.2 billion from HKD 374.9 billion in the same period of the previous year, with imports soaring 8.7 percent and exports rising 8.2 percent.

Year-on-year, imports soared 8.6 percent to HKD 407.1 billion, after a 7.9 percent increase in the prior month. Purchases grew mostly from Malaysia (68.5 percent), India (38.1 percent), the Philippines (25.4 percent), Korea (21.7 percent), Thailand (8.9 percent), China (6.5 percent) and Taiwan (4.7 percent). By contrast, decreases were registered in the values of imports from the United States (-7.4 percent) and Japan (-0.6 percent).

By commodity, imports advanced mainly for: electrical machinery, apparatus and appliances, and electrical parts thereof (12.8 percent); non-metallic mineral manufactures (37.6 percent) and office machines and automatic data processing machines (16.8 percent). However, a decline was registered in the value of imports of articles of apparel and clothing accessories (-5 percent).

Exports increased at a softer 7.8 percent to HKD 367.4 billion, following a 6.7 percent gain in October. Shipments to Asia as a whole grew 8.9 percent, in particular to India (17 percent), Japan (14.6 percent), the Philippines (12.3 percent), Vietnam (11.6 percent), China (10.1 percent), Malaysia (8.2 percent) and Korea (6.1 percent). On the other hand, a decrease was recorded in the value of total exports to Singapore (-15.5 percent). Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (13.1 percent) and the United States (7.4 percent). Conversely, a fall was registered in the value of total exports to the United Kingdom (-3 percent).

By commodity, sales rose for: electrical machinery, apparatus and appliances, and electrical parts thereof (15.6 percent); non-metallic mineral manufactures (28.8 percent) and miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) (13.7 percent). However, a decrease was registered in the value of total exports of photographic apparatus, equipment and supplies, optical goods, watches and clocks (-6.4 percent).

Hong Kong Trade Gap Widens in November


Statistics Department of Hong Kong | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
12/28/2017 9:18:41 AM