Financial News: Hong Kong Trade Gap Narrows In July

Hong Kong Trade Gap Narrows In July

08/27/2024 - 06:13:00 (RTTNews)

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

The trade deficit narrowed to HK$21.84 billion in July from HK$29.98 billion in the same month last year. The trade shortfall also declined markedly from HK$55.74 billion in June.

The visible trade deficit of HK$21.84 billion was equivalent to 5.3 percent of the value of imports.

The annual increase in exports was 13.1 percent in July, versus a 10.7 percent surge in June.

Exports to the Mainland of China alone expanded by 23.0 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 39.2 percent. This was followed by Vietnam, with a 21.7 percent jump in exports.

Apart from destinations in Asia, outflows to the Netherlands rose sharply, by 79.8 percent, and those to the United States were 19.7 percent higher.

Imports logged an annual increase of 9.9 percent in July, faster than the 9.0 percent gain in the prior month.

"Hong Kong's exports should sustain a positive performance if external demand holds up, though geopolitical tensions and trade conflicts will present risks," a government spokesman said.

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