Financial News: Hong Kong Trade Gap Widens In March

Hong Kong Trade Gap Widens In March

(RTTNews) - Hong Kong's trade deficit increased somewhat in March from a year ago, data from the Census and Statistics Department showed on Monday.

The trade shortfall rose to HK$45.4 billion in March from HK$45.0 billion in the same month last year. In February, the trade balance showed a deficit of HK$36.3 billion.

The visible trade deficit of HK$45.3 billion was equivalent to 9.1 percent of the value of imports.

The annual rise in exports was 18.5 percent in March versus a 15.4 percent rise in February.

Total exports to Asia as a whole grew by 22.4 percent. Within this, exports to Taiwan grew the most, by 61.3 percent, followed by Malaysia with a 57.3 percent surge. Meanwhile, shipments to Korea plunged by 22.8 percent.

Data showed that exports to mainland China advanced by 25.4 percent.

Apart from destinations in Asia, outflows to the United Kingdom jumped 48.5 percent, while those to the Netherlands declined by 29.0 percent.

The annual growth in imports accelerated to 16.6 percent from 11.8 percent in February.

Looking ahead, global trade tensions have escalated abruptly due to the significant increases in tariffs by the United States in early April, and this will pose challenges to Hong Kong's merchandise trade performance, a government spokesman said.

"Nevertheless, the steady growth in the Mainland economy, together with Hong Kong's proactive efforts in enhancing economic and trade ties with different markets, should help buttress trade performance."

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