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Financial News: Hong Kong Trade Deficit Narrows In March

Hong Kong Trade Deficit Narrows In March

04/27/2020 - 07:40:00 (RTTNews)

(RTTNews) - Hong Kong's trade deficit narrowed in March, as imports declined at a faster pace than exports, data from the Census and Statistics Department showed on Monday.

The trade deficit fell to HK$34.707 billion in March from HK$59.241 billion in the same month last year. In February, the trade deficit was HK$38.551 billion.

Exports fell 5.8 percent annually in March, after a 4.3 percent rise in the previous month.

Imports decreased 11.1 percent in March, following a 0.1 percent decline in the previous month.

On a monthly basis, exports and imports grew 35.7 percent and 29.3 percent, respectively, in March.

For the January to March period, the trade deficit was HK$ 103.788 billion compared to HK$118.725 billion in the same period last year. Exports and imports fell by 9.7 percent and 10.0 percent, respectively.

On a seasonally adjusted basis, exports and imports decreased 9.8 percent and 5.7 percent, respectively, in the first quarter from the previous three months.

"While exports to the Mainland [China] rebounded alongside the gradual resumption of economic activities there, exports to many other major markets, including the US and EU, plunged further," a government spokesman said.

"Looking ahead, as COVID-19 has spread across the world since March and caused a severe contraction of global economic activity, Hong Kong's merchandise exports will remain under notable pressure in the near term."

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