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Financial News: Hong Kong Trade Gap Narrows

Hong Kong Trade Gap Narrows

06/25/2019 - 06:47:00 (RTTNews)

(RTTNews) - Hong Kong's merchandise trade deficit narrowed in May as both exports and imports declined, data from the Census and Statistics Department showed on Tuesday.

The visible trade deficit fell to HK$ 34.7 billion in May from HK$ 43.2 billion in the same month last year. Economists had expected a deficit of HK$ 36.8 billion.

In April, trade deficit was HK$ 35.09 billion.

Exports decreased 2.4 percent annually in May, which was less sever fall than the 4.5 percent economists had expected. Imports declined 4.3 percent in May, while economists had expected a fall of 5.8 percent.

On a monthly basis, exports and imports rose 6.7 percent and 5.9 percent, respectively.

From the March to May period, the trade deficit shrunk HK$ 129.4 billion from HK$ 145.3 billion in the previous period. Exports fell 2.1 percent and imports declined 3.2 percent.

"Merchandise exports remained subdued in May, affected by the weaker global economy and US-Mainland [China] trade tensions," a government spokesman said.

"The near-term outlook for Hong Kong's exports will continue to be clouded by various external uncertainties, including notably the evolution of US-Mainland trade relations."

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