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Financial News: Hong Kong Trade Gap Narrows Sharply On Exports

Hong Kong Trade Gap Narrows Sharply On Exports Surge

05/27/2024 - 04:55:00 (RTTNews)

(RTTNews) - Hong Kong's foreign trade deficit decreased considerably in April from a year ago as export growth accelerated amid more outflows to the Mainland and the United States, data from the Census and Statistics Department showed on Monday.

The trade deficit narrowed to HK$10.2 billion in April from HK$36.6 billion in the same month last year. In March, the trade shortfall was HK$45.0 billion.

The visible trade deficit of HK$10.2 billion was equivalent to 2.6 percent of the value of imports.

The annual increase in exports was 11.9 percent in April, versus a 4.7 percent rebound in March.

Exports to the Mainland of China alone expanded by 21.3 percent from last year.

Total exports to Asia as a whole grew by 15.7 percent. Within this, shipments to Malaysia advanced the most, by 38.4 percent. This was followed by Thailand, with a 33.2 percent jump in exports.

Apart from destinations in Asia, outflows to the United States rose sharply, by 17.1 percent. At the same time, exports to the Netherlands plunged by 24.3 percent.

Imports logged an annual increase of 3.7 percent in April, slower than the 5.3 percent gain in the prior month.

"Looking ahead, Hong Kong's export performance should improve further if external demand holds up, though geopolitical tensions and a longer period of tight financial conditions will bring uncertainties," a government spokesman said.

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