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Financial News: Hong Kong Trade Deficit Widens In December

Hong Kong Trade Deficit Widens In December

01/25/2018 - 04:47:00 (RTTNews)

(RTTNews) - Hong Kong's foreign trade deficit increased notably in December from a year ago, as imports grew faster than exports, data from the Census and Statistics Department showed Thursday.

The visible trade deficit rose to HK$59.9 billion in December from HK$45.5 billion in the corresponding month last year. Economists had expected a deficit of HK$45.9 billion.

The shortfall was also increased markedly from HK$39.7 billion in November.

Both exports and imports climbed by 6.0 percent and 9.0 percent, respectively in December from last year.

For the whole year 2017, total trade deficit was HK$481.1 billion versus HK$420.1 billion in 2016. Exports advanced 8.1 percent, marking the fastest annual growth since 2011 and imports rose by 8.7 percent.

"Looking ahead, the brightened global economic outlook should continue to be supportive of Hong Kong's exports in the near term," a government spokesman said.

"The Government will continue to monitor closely the external uncertainties, including those related to developments in the global monetary environment and trade policies of the major economies."

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