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Financial News: Hong Kong Trade Deficit Narrows In October

Hong Kong Trade Deficit Narrows In October

11/26/2019 - 05:35:00 (RTTNews)

(RTTNews) - Hong Kong's trade deficit decreased in October as the fall in imports exceeded the drop in exports, data from the Census and Statistics Department showed on Tuesday.

The trade deficit fell to HK$30.59 billion in October from HK$44.49 billion in the same month last year. Economists had expected a deficit of HK$31.4 billion.

In September, the trade deficit was HK$31.63 billion.

Exports declined 9.2 percent year-on-year in October. Economists had expected an 8.4 percent fall.

Imports dropped 11.5 percent annually in October, bigger than the expected decrease of 10.9 percent.

On a monthly basis, exports rose 0.2 percent, while imports fell 0.1 percent.

For the August to October period, the trade deficit was HK$ 90.75 billion compared to HK$144.82 billion in the same period last year. Exports and imports fell 7.6 percent and 10.9 percent, respectively.

"Looking ahead, Hong Kong's merchandise export performance will likely stay weak in the near term, as soft global economic growth and uncertainties stemming from US trade policies continue to dampen external demand," a government spokesman said.

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