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Financial News: Hong Kong Trade Gap Widens

Hong Kong Trade Gap Widens

04/29/2019 - 09:42:00 (RTTNews)

(RTTNews) - Hong Kong's merchandise trade deficit widened in March as exports fell faster than imports, preliminary data from the Census and Statistics Department showed on Monday.

The visible trade deficit rose to HK$59.2 billion from HK$55.5 billion in the same month last year. Exports decreased 1.2 percent year-on-year and imports fell 0.1 percent. On a month-on-month basis, exports jumped 50.3 percent and imports surged 45.2 percent. The trade deficit climbed to HK$59.2 billion from HK$48.8 billion in February.

In the first quarter, the trade deficit shrunk to HK$118.7 billion from HK$130.3 billion. Exports fell 2.4 percent year-on-year and imports decreased 3.2 percent. Merchandise exports remained subdued in recent months, as the adverse external environment continued to dampen manufacturing and trading activities in the region, a government spokesman said. "The external trading environment will remain challenging in the near term. While reportedly the US-Mainland trade talks have made progress, the global economy, being overshadowed by various uncertainties, has lost some momentum," he said.

The government will remain vigilant, he added.

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