Financial News: Hong Kong Trade Deficit Widens In August

Hong Kong Trade Deficit Widens In August

09/26/2024 - 07:52:00 (RTTNews)

(RTTNews) - Hong Kong's foreign trade deficit increased sharply in August from a year ago as imports grew faster than exports, data from the Census and Statistics Department showed on Thursday.

The trade deficit rose to HK$33.1 billion in August from HK$25.92 billion in the same month last year. The trade shortfall also grew markedly from HK$21.9 billion in July.

The visible trade deficit of HK$21.84 billion was equivalent to 8.0 percent of the value of imports.

The annual increase in exports was 6.4 percent in August, versus a 13.1 percent surge in July.

Exports to the Mainland of China alone expanded by 12.9 percent from last year.

Total exports to Asia as a whole grew by 9.9 percent. Within this, shipments to Vietnam advanced the most, by 27.0 percent. This was followed by Malaysia, with a 23.7 percent jump in exports. Meanwhile, exports to India showed a sharp decline of 20.5 percent.

Apart from destinations in Asia, outflows to Switzerland plunged 62.0 percent, and those to the United Kingdom were 46.2 percent lower.

Imports logged an annual increase of 7.9 percent in August, slower than the 9.9 percent gain in the prior month. Imports from Vietnam topped the list with a 48.0 percent jump.

"Looking ahead, while geopolitical tensions and trade conflicts will present risks, Hong Kong's export performance should remain positive if external demand continues to hold up, a government spokesman said.

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