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Financial News: Hong Kong Trade Gap Narrows In May

Hong Kong Trade Gap Narrows In May

06/25/2024 - 06:08:00 (RTTNews)

(RTTNews) - Hong Kong's foreign trade deficit decreased notably in May from a year ago amid further strong acceleration in export growth, data from the Census and Statistics Department showed on Tuesday.

The trade deficit narrowed to HK$12.1 billion in May from HK$26.4 billion in the same month last year. In April, the trade shortfall was HK$10.2 billion.

The visible trade deficit of HK$12.1 billion was equivalent to 3.1 percent of the value of imports.

The annual increase in exports was 14.8 percent in May, versus an 11.9 percent surge in April.

Exports to the Mainland of China alone expanded by 23.6 percent from last year.

Total exports to Asia as a whole grew by 18.7 percent. Within this, shipments to Malaysia advanced the most, by 50.2 percent. This was followed by Thailand, with a 23.2 percent jump in exports.

Apart from destinations in Asia, outflows to the United States rose sharply, by 26.6 percent. At the same time, exports to the Switzerland plunged by 25.7 percent.

Imports logged an annual increase of 9.6 percent in May, faster than the 3.7 percent gain in the prior month.

"Looking ahead, Hong Kong's export performance should stay positive if external demand holds up well, though geopolitical tensions will continue to bring uncertainties," a government spokesman said.

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