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Financial News: Hong Kong Exports Surge More Than Forecast

Hong Kong Exports Surge More Than Forecast

04/25/2017 - 05:38:00 (RTTNews)

(RTTNews) - Hong Kong's exports grew for the second straight month in March, and at a faster-than-expected pace, figures from the Census and Statistics Department showed Tuesday.

The value of exports surged 16.9 percent year-over-year in March, well above the 10.0 percent spike expected by economists. However, it was slower than the 18.4 percent growth in February.

Within this total, the value of re-exports grew the same 16.9 percent and domestic exports expanded by 16.8 percent.

Imports climbed 13.0 percent annually in March, following a 25.4 percent jump in the prior month. Economists had expected a 11.0 percent hike for the month.

As a result, the visible trade deficit narrowed to HK$42.3 billion in March from HK$47.01 billion in the corresponding month last year.

In February, the shortfall was HK$56.3 billion. The expected surplus for the month was HK$53.0 billion.

"Looking ahead, the gradually strengthening global economic conditions should continue to render support to Hong Kong's export performance in the near term," a government spokesman said.

"However, the outlook is still subject to uncertainties, including those related to the US interest rate normalisation, Brexit and other political developments in Europe, possible rise of protectionist sentiment and heightened geopolitical tensions in various regions."

"The Government will continue to monitor the situation closely."

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