Financial News: Hong Kong Trade Gap Narrows Slightly In June

Hong Kong Trade Gap Narrows Slightly In June

07/25/2024 - 05:16:00 (RTTNews)

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

The trade deficit narrowed to HK$55.7 billion in June from HK$56.5 billion in the same month last year. In May, the trade shortfall was HK$12.1 billion.

The visible trade deficit of HK$55.7 billion was equivalent to 13.0 percent of the value of imports.

The annual increase in exports was 10.7 percent in June, versus a 14.8 percent surge in May.

Exports to the Mainland of China alone expanded by 11.9 percent from last year.

Total exports to Asia as a whole grew by 10.7 percent. Within this, shipments to Malaysia advanced the most, by 36.3 percent. This was followed by Vietnam, with a 32.1 percent jump in exports.

Apart from destinations in Asia, outflows to the United States rose sharply, by 40.6 percent, and those to Germany were 17.6 percent higher.

Imports logged an annual increase of 9.0 percent in June, slower than the 9.6 percent gain in the prior month.

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

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