Financial News: Hong Kong Trade Gap Narrows In February

Hong Kong Trade Gap Narrows In February

03/26/2024 - 04:57:00 (RTTNews)

(RTTNews) - Hong Kong's trade deficit decreased in February from a year ago as imports fell faster than exports, data from the Census and Statistics Department showed on Tuesday.

The trade deficit dropped to HK$41.7 billion in February from HK$45.3 billion in the same month last year. In January, the trade balance was a surplus of HK$3.6 billion.

The visible trade deficit of HK$41.7 billion was equivalent to 12.8 percent of the value of imports.

The annual fall in exports was 0.8 percent in February, reversing a 33.6 percent surge in January.

Total exports to Asia as a whole fell by 1.3 percent. Within this, shipments to Taiwan declined the most, by 20.3 percent.

Apart from destinations in Asia, outflows to the USA grew sharply, by 11.8 percent. At the same time, exports to Australia plunged by 36.2 percent.

Imports logged an annual decline of 1.8 percent in February, in contrast to the 21.7 percent rise in the prior month.

Looking ahead, while slow global economic growth and geopolitical tensions will continue to constrain Hong Kong's export performance in the near term, the expected easing of global monetary conditions later in the year may provide some support," a government spokesman said.

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