Hong Kong Trade Deficit Highest in Over a Year


Hong Kong trade gap increased by 6.7 percent to HKD 59.2 billion in March of 2019 from a HKD 55.5 billion shortfall in the same month of the previous year. It was the biggest trade deficit since December 2017.


Exports declined 1.2 percent year-on-year to HKD 344 billion, mainly due to lower sales of electrical machinery, apparatus and appliances, and electrical parts thereof (-6.6 percent); office machines and automatic data processing machines (-13.8 percent); and miscellaneous manufactured articles, mainly jewellery, goldsmiths' and silversmiths' wares (-5.6 percent). However, an increase was registered in sales of telecommunications and sound recording and reproducing apparatus and equipment (10.6 percent). Among major trade partners, shipments to Asia as a whole went down 6.0 percent, particularly to India (-11.2 percent) and China (-10.1 percent). In contrast, increases were seen in exports to Philippines (45.6 percent), Singapore (23.8 percent), Taiwan (14.6 percent) and Malaysia (12.7 percent). Apart from Asia, exports to the US fell 0.3 percent, while those to the UK and Germany rose 29.4 percent and 15.9 percent respectively.

Imports fell 0.1 percent to HKD 403 billion, as declines in purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (-5.2 percent) and office machines and automatic data processing machines (-10.6 percent); were partially offset by increases in imports of telecommunications and sound recording and reproducing apparatus and equipment (9.3 percent), and miscellaneous manufactured articles, mainly jewellery, goldsmiths' and silversmiths' wares (12.5 percent). Among major import partners, decreases were registered in purchases from Taiwan (-25.5 percent), Thailand (-20.7 percent), India (-14.4 percent) and South Korea (-11.4 percent). Concurrently, increases were recorded in imports from Switzerland (22.6 percent), the US (12.4 percent) and China (7.4 percent).

"Hong Kong's exports remained weak in recent months, dampened by declines in manufacturing and trading activities in the region. In the near term the external trading environment will remain challenging. While the US-China trade talks have made progress, the Government will remain vigilant regarding the global economy", a Government spokesman said.

Hong Kong Trade Deficit Highest in Over a Year


Census and Statistics Department of Hong Kong | Rafael Gonzalez
4/29/2019 10:19:10 AM