Financial News: Hong Kong Trade Gap Widens To HK$64.6 Bln

Hong Kong Trade Gap Widens To HK$64.6 Bln

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

The visible trade deficit rose to HK$64.6 billion in September from HK$44.9 billion in the same month last year. In August, the trade deficit was HK$25.6 billion.

The visible trade gap of HK$64.6 billion was equivalent to 14.5 percent of the value of imports.

The annual decline in exports was 5.3 percent in September, faster than the 3.7 percent fall in August. Shipments to the Mainland and the European Union continued to fall from a year earlier, while those to the United States saw some growth.

Total exports to Asia as a whole dropped by 7.3 percent. Within this, shipments to Singapore plunged the most, by 44.8 percent, followed by the Philippines with an 18.6 percent decline.

Imports declined only 0.4 percent annually in September, versus a 0.3 percent drop a month ago.

"Looking ahead, the difficult global economic environment and the evolving geopolitical situation will continue to weigh on Hong Kong's export performance in the near term," a government spokesperson said.

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