Financial News: Hong Kong Trade Gap Narrows Sharply In December

Hong Kong Trade Gap Narrows Sharply In December

(RTTNews) - Hong Kong's foreign trade deficit decreased notably in December from a year ago as export growth accelerated amid a decline in imports, data from the Census and Statistics Department showed on Monday.

The trade gap declined to HK$34.5 billion in December from HK$59.9 billion in the same month last year. The trade shortfall also fell from HK$43.4 billion in November.

The visible trade deficit of HK$34.5 billion was equivalent to 7.8 percent of the value of imports.

The annual increase in exports was 5.2 percent in December, versus a 2.1 percent growth in November.

Exports to the Mainland of China alone expanded by 14.9 percent from last year.

Total exports to Asia as a whole grew by 9.6 percent. Within this, shipments to Vietnam advanced the most, by 49.9 percent. This was followed by the Philippines with a 33.8 percent jump in exports. Meanwhile, exports to India showed a sharp decline of 33.2 percent.

Apart from destinations in Asia, outflows to the United Kingdom declined 28.1 percent, and those to the Netherlands were 23.6 percent lower.

Imports logged an annual decrease of 1.1 percent in December, reversing a 5.7 percent gain in the prior month.

For 2024 as a whole, the value of total exports of goods increased by 8.7 percent over 2023, and imports climbed by 6.0 percent. A visible trade deficit of HK$ 379.7 billion, equivalent to 7.7 percent of the value of imports of goods, was recorded in 2024.

"Looking ahead, uncertainties in the external environment, in particular trade conflicts, may weigh on Hong Kong's export performance, a government spokesperson said.

"Yet, the various measures introduced by the Central Government to boost the Mainland economy should provide support."

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