Financial News: Hong Kong Trade Gap Widens In June

Hong Kong Trade Gap Widens In June

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

The trade deficit rose to HK$58.9 billion in June from HK$55.7 billion in the same month last year. In May, the trade shortfall was HK$27.3 billion.

The visible trade deficit of HK$58.9 billion was equivalent to 12.4 percent of the value of imports.

The annual increase in exports was 11.9 percent in June, versus a 15.5 percent surge in May.

Exports to the mainland of China alone expanded by 18.3 percent from last year.

Total exports to Asia as a whole grew by 17.2 percent. Within this, shipments to Malaysia advanced the most, by 52.6 percent. This was followed by the Philippines, with a 48.3 percent jump in exports.

Apart from destinations in Asia, outflows to the Netherlands declined sharply, by 35.5 percent, and those to the United States fell by 12.1 percent.

Imports logged an annual increase of 11.1 percent in June, slower than the 18.9 percent gain in the prior month.

"Looking ahead, the sustained steady growth in various Asian economies, in particular the Mainland economy, as well as Hong Kong's enhanced economic and trade ties with different markets, should continue to support merchandise trade performance," a government spokesman said.

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