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Financial News: Hong Kong Trade Deficit Widens In May

Hong Kong Trade Deficit Widens In May

06/26/2017 - 05:11:00 (RTTNews)

(RTTNews) - Hong Kong's foreign trade gap widened in May from a year ago, as imports grew faster than exports, figures from the Census and Statistics Department showed Monday.

The trade deficit rose to HK$35.6 billion in May from HK$26.2 billion in the corresponding month last year. In April, the shortfall was HK$34.1 billion.

Economists had forecast a deficit of HK$31.0 billion for May.

Exports climbed 4.0 percent year-over-year in May, but well below the 7.7 percent spike expected by economists.

Similarly, imports grew 6.6 percent annually in May, slower than the expected increase of 8.7 percent.

"Looking ahead, the improving global economic situation should continue to be conducive to Asia's as well as Hong Kong's export performance," a government spokesman said.

"Yet, the external trading landscape is still overcast by uncertainties arising from the pace of US monetary policy normalization, Brexit as well as other policy and political developments in the US and Europe."

"Also, the risks of rising protectionist sentiment and geopolitical tensions in various regions persist. The Government will continue to monitor the situation closely."

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