Hong Kong Trade Gap Lowest in 6 Months


Hong Kong trade deficit decreased to HKD 29.601 billion in July of 2017 from a HKD 33.3 billion shortfall a year earlier. It is the smallest trade gap since January (HKD -12.345 billion). Exports went up 7.3 percent, lower than a 11.1 percent gain in June, driven by sales to China and major Asian markets. Imports rose at a slower 5.5 percent, after a 10.4 percent increase in June. Comparing the three-month period ending in July 2017 with the preceding three months, exports decreased 1.8 percent and imports fell 1 percent.

Year-on-year, exports increased 7.3 percent to HKD 326.6 billion in July of 2017, after an increase of 11.1 percent in the previous month. Exports to Asia as a whole went up by 8.8 percent, mainly to Philippines (26.7 percent); Taiwan (23.5 percent); Thailand (12.7 percent); Japan (9 percent); China (8.8 percent) and Singapore (7.8 percent). Apart from destinations in Asia, an increase was registered in exports to Germany (6.7 percent) while declines were seen to the United Kingdom (-4.9 percent) and the United States (-0.6 percent).

By commodity, exports advanced for: electrical machinery, apparatus and appliances, and electrical parts thereof (13.6%); professional, scientific and controlling instruments and apparatus (28.4%) and office machines and automatic data processing machines (6.0%). However, sales of articles of apparel and clothing accessories fell 12.3 percent.

Imports rose 5.5 percent to HKD 356.2 billion in July of 2017, after a 10.4 percent gain in the preceding month. Increases were recorded from Philippines (28.9 percent); Malaysia (25.4 percent); Korea (23.6 percent); Singapore (18.1 percent) and China (4 percent) while purchases declined from India (-21.2 percent); Thailand (-4.8 percent) and Japan (-4.4 percent).

By commodity, imports grew for: electrical machinery, apparatus and appliances, and electrical parts thereof (10.3%); office machines and automatic data processing machines (9.0%) and professional, scientific and controlling instruments and apparatus (16.6%). In contrast, a decrease was registered in imports of telecommunications and sound recording and reproducing apparatus and equipment (-5.3%).

For the first seven months of 2017 as a whole, exports rose 8.5 percent over the same period in 2016 and imports surged 8.7 percent.

Statistics Department of Hong Kong l Luisa Carvalho | luisa.carvalho@tradingeconomics.com
8/24/2017 9:38:28 AM