Hong Kong Trade Gap Widens Slightly In June


Hong Kong trade deficit increased to HKD 48.278 billion in June of 2017 from a HKD 45.6 billion gap a year earlier. Exports went up 11.1 percent, higher than a 4 percent gain in May, boosted by sales to China and other major Asian markets. Imports rose at a slower 10.4 percent, after a 6.6 percent increase in May. Considering the second quarter of the year, sales expanded 1.1 percent over the previous period while imports declined 1.4 percent.

Exports reached HKD 329.4 billion, boosted by rises in shipments of electrical machinery, apparatus and appliances, and electrical parts thereof (15.1 percent), office machines and automatic data processing machines (18.8 percent) and miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) (21.4 percent). However, exports of articles of apparel and clothing accessories fell 4.4 percent. Sales to Asia as a whole grew by 14.1 percent: India (38 percent), Taiwan (35 percent), Singapore (18.6 percent), Thailand (15.6 percent), Japan (13.4 percent), Philippines (12.5 percent) and China (12.2 percent). Apart from destinations in Asia, increases were also registered in exports to the United Kingdom (24.8 percent) and the US (0.6 percent) while a fall was seen for Germany (-4.1 percent).

Imports rose to HKD 377.7 billion, due to purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (16.4 percent), office machines and automatic data processing machines (15.5 percent) and miscellaneous manufactured articles (mainly jewellery, goldsmiths' and silversmiths' wares) (16.1 percent). However, a decrease was registered in telecommunications and sound recording and reproducing apparatus and equipment (-1.7 percent). Imports rose mainly from Korea (22.4 percent), Malaysia (20.7 percent), Taiwan (20.7 percent), the Philippines (18.8 percent), Singapore (13 percent) and China (6.8 percent) but fell from Japan (-4 percent).

For the first half of 2017 as a whole, exports rose by 8.8 percent over the same period in 2016 and imports increased at a faster 9.4 percent.

Statistics Department of Hong Kong | Joana Taborda | joana.taborda@tradingeconomics.com
7/27/2017 9:36:47 AM