Financial News: Hong Kong Trade Gap Widens In November

Hong Kong Trade Gap Widens In November

12/30/2024 - 04:04:00 (RTTNews)

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

The trade gap rose to HK$43.4 billion in November from HK$27.9 billion in the same month last year. The trade shortfall also rose from HK$31.0 billion in October.

The visible trade deficit of HK$43.4 billion was equivalent to 9.9 percent of the value of imports.

The annual increase in exports was 2.1 percent in November, versus a 3.5 percent growth in October.

Exports to the Mainland of China alone expanded by 3.9 percent from last year.

Total exports to Asia as a whole grew by 3.9 percent. Within this, shipments to Singapore advanced the most, by 78.4 percent. This was followed by Vietnam with a 42.1 percent jump in exports. Meanwhile, exports to India showed a sharp decline of 28.8 percent.

Apart from destinations in Asia, outflows to the Netherlands declined 30.2 percent, and those to the United Kingdom were 19.7 percent lower.

Imports logged an annual increase of 5.7 percent in November, faster than the 4.5 percent gain in the prior month.

"Looking ahead, increased global economic uncertainties and escalation of trade conflicts would pose challenges to Hong Kong's export performance, though the Mainland's various measures to boost its economy should provide some support," a government spokesman said.

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