Financial News: Hong Kong Trade Gap Narrows In February

Hong Kong Trade Gap Narrows In February

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

The trade shortfall dropped to HK$36.3 billion in February from HK$41.6 billion in the same month last year. In January, the trade balance showed a surplus of HK$2.1 billion.

The visible trade deficit of HK$36.3 billion was equivalent to 4.6 percent of the value of imports.

The annual rise in exports was 15.4 percent in February versus only a 0.1 percent rise in January.

Total exports to Asia as a whole grew by 25.0 percent. Within this, exports to Vietnam grew the most by 114.2 percent, followed by Taiwan with a 73.0 percent surge. Meanwhile, shipments to India plunged by 22.3 percent, and those to Malaysia declined by 29.8 percent.

Data showed that exports to mainland China advanced by 29.5 percent.

Apart from destinations in Asia, outflows to the United Kingdom jumped 61.0 percent, while those to the Netherlands declined by 44.7 percent.

The annual growth in imports accelerated to 11.8 percent from 0.5 percent in January.

"Looking ahead, the tariff measures introduced so far by the United States and the uncertainties surrounding protectionist policies would continue to pose challenges to Hong Kong's merchandise trade performance," a government spokesman said.

"Nevertheless, the sustained growth in the global economy, in particular the Mainland economy, should render support to Hong Kong's exports."

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