Financial News: Hong Kong Trade Deficit Widens In October

Hong Kong Trade Deficit Widens In October

11/26/2024 - 03:56:00 (RTTNews)

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

The trade gap rose to HK$31.0 billion in October from HK$25.7 billion in the same month last year. However, the trade shortfall narrowed notably from HK$53.2 billion in September.

The visible trade deficit of HK$31.0 billion was equivalent to 7.3 percent of the value of imports.

The annual increase in exports was 3.5 percent in October, versus a 4.7 percent growth in September.

Exports to the Mainland of China alone expanded by 8.6 percent from last year.

Total exports to Asia as a whole grew by 5.3 percent. Within this, shipments to the Philippines advanced the most, by 36.1 percent. This was followed by Vietnam with a 31.3 percent jump in exports. Meanwhile, exports to India showed a sharp decline of 34.3 percent.

Apart from destinations in Asia, outflows to the USA grew 5.8 percent, while those to the United Kingdom were 38.0 percent lower.

Imports logged an annual increase of 4.5 percent in October, faster than the 1.4 percent gain in the prior month.

"Looking ahead, the increased global economic uncertainties and the possible escalation of trade conflicts would pose challenges to Hong Kong's export performance, but the Mainland's various measures to boost its economy should provide support to demand for goods exported from Hong Kong," a government spokesman said.

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