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Financial News: Hong Kong Trade Deficit Widens In May

Hong Kong Trade Deficit Widens In May

06/26/2018 - 05:54:00 (RTTNews)

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

The trade deficit rose to HK$43.2 billion in May from HK$35.6 billion in the corresponding month last year. However, the shortfall declined from HK$46.9 billion in April.

The expected deficit for May was HK$49.1 billion.

Exports surged 15.9 percent year-over-year in May, well above economists' forecast for an increase of 8.5 percent.

Imports also registered a double-digit growth of 16.5 percent over the year versus the expected spike of 11.3 percent.

"Looking ahead, the current momentum of the global economy should remain supportive to Hong Kong's exports in the near term," a government spokesman said.

"Yet, external uncertainties have increased markedly of late, as a result of the escalation of trade conflicts between the US and the Mainland."

"This might weigh on the prevailing global economic sentiment and trade expansion going forward."

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