Hong Kong Trade Gap Widens 10% YoY In April


Hong Kong's trade deficit increased by 10 percent to HKD 34.13 billion in April 2017 from HKD 31 billion in the same month of the previous year, as exports went up 7.1 percent and imports rose at a faster 7.3 percent. Considering the first four months of 2017, the trade deficit widened to HKD 144.9 billion from HKD 128.7 billion in the same period of the previous year, with exports rising by 9.4 percent and imports increasing 9.8 percent.

Year-on-year, exports increased by 7.1 percent to HKD 305.4 billion in April 2017, after an increase of 16.9 percent in the previous month. Exports to Asia as a whole went up by 9.4 percent, mainly to India (96.9 percent); Taiwan (30 percent); Vietnam (18.5 percent); Thailand (17.8 percent); Malaysia (14.2 percent);  China (4.1 percent), and Japan (9.8 percent). Apart from destinations in Asia, exports went up mostly to Germany (6.5 percent).

By commodity, exports increased for: electrical machinery, apparatus and appliances, and electrical parts thereof (10.1 percent); telecommunications and sound recording and reproducing apparatus and equipment (5.8 percent), and non-metallic mineral manufactures (35.6 percent). 

Imports went up by 7.3 percent to HKD 339.5 billion in April 2017, after 13 percent rise in the preceding month. Increases were recorded from South Korea (35.3 percent); India (35.3 percent); the Philippines (30 percent); Singapore (14.5 percent); China (4.5 percent); and Malaysia (12.3 percent).

By commodity, imports surged for: electrical machinery apparatus and appliances, and electrical parts thereof (13.2 percent); petroleum, petroleum products and related materials (93.8 percent); and miscellaneous manufactured articles (mainly jewelry, goldsmiths and silversmiths' wares) (24.8 percent).

A Government spokesman noted that merchandise exports grew visibly in April, propelled mainly by the sturdy growth in exports to many Asian markets amid an improving global economy. The spokesman commented further that looking ahead, the gradual improvement in global economic conditions should continue to support Hong Kong's export performance. However, the external environment is still subject to various uncertainties, especially those stemming from the US interest rate normalisation, Brexit and other policy and political developments in the US and Europe, possible rise of protectionist sentiment and elevated geopolitical tensions in various regions.

Statistics Department of Hong Kong l Yekaterina Guchshina | yekaterina@tradingeconomics.com
5/25/2017 8:58:40 AM