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Financial News: Hong Kong Trade Deficit Widens In August

Hong Kong Trade Deficit Widens In August

09/27/2018 - 05:37:00 (RTTNews)

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

The trade deficit rose to HK$52.1 billion in August from HK$35.5 billion in the corresponding month last year. The shortfall also widened from HK$47.1 billion in July.

The expected deficit for the month was HK$45.0 billion.

The value of exports registered a double-digit growth of 13.1 percent annually in August, well above the expected rise of 8.3 percent.

Concurrently, imports surged 16.4 percent in August from a year ago, exceeding economists' forecast for a growth of 10.0 percent.

"While the impacts of the US-Mainland trade conflicts on Hong Kong's exports were seemingly limited thus far, they are likely to turn visible in the period ahead," a government spokesman said.

"If the trade conflicts are to escalate further, the global economy and Hong Kong's exports would face more notable downward pressures."

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