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Financial News: Hong Kong Trade Gap Widens In March

Hong Kong Trade Gap Widens In March

04/25/2024 - 06:33:00 (RTTNews)

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

The trade deficit widened to HK$45.0 billion in March from HK$40.6 billion in the same month last year. In February, the trade shortfall was HK$41.6 billion.

The visible trade deficit of HK$45.0 billion was equivalent to 10.5 percent of the value of imports.

The annual increase in exports was 4.7 percent in March, reversing a 0.8 percent fall in February.

Total exports to Asia as a whole grew by 8.1 percent. Within this, shipments to Vietnam advanced the most, by 41.6 percent.

Apart from destinations in Asia, however, outflows to the United Kingdom declined sharply, by 31.5 percent. At the same time, exports to Germany plunged by 15.5 percent.

Imports logged an annual decline of 5.3 percent in March, in contrast to the 1.8 percent fall in the prior month.

"Looking ahead, geopolitical tensions and a longer period of tight financial conditions will continue to affect Hong Kong's export performance, though the slightly better-than-expected external demand may provide some support," a government spokesman said.

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