Financial News: Hong Kong Trade Gap Widens In April

Hong Kong Trade Gap Widens In April

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

The trade shortfall rose to HK$16.0 billion in April from HK$10.2 billion in the same month last year. In March, the trade balance showed a deficit of HK$45.4 billion.

The visible trade deficit of HK$45.3 billion was equivalent to 3.6 percent of the value of imports.

The annual rise in exports was 14.7 percent in April versus an 18.5 percent rise in March.

Total exports to Asia as a whole grew by 20.8 percent. Within this, exports to Malaysia grew the most, by 61.5 percent, followed by Vietnam with a 48.3 percent surge. Meanwhile, shipments to Korea plunged by 26.7 percent.

Data showed that exports to mainland China advanced by 23.0 percent.

Apart from destinations in Asia, outflows to Germany jumped 30.8 percent, while those to the Netherlands declined by 38.4 percent.

The annual growth in imports eased somewhat to 15.8 percent from 16.6 percent in March.

"Looking ahead, as international trade tensions have eased somewhat of late, the headwinds and uncertainties in the external environment have lessened to some extent," a government spokesman said.

"The sustained 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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