Hong Kong Trade Gap Widens in November

The trade deficit in Hong Kong widened to HKD 45.0 billion in November of 2018 from HKD 39.7 billion in the same month a year earlier, as exports dropped 0.8 percent year-on-year to HKD 364.3 billion and imports rose 0.5 percent to HKD 409.3 billion.
Census and Statistics Department of Hong Kong | Stefanie Moya | stefanie.moya@tradingeconomics.com 12/27/2018 9:00:19 AM
Year-on-year, exports fell 0.8 percent to HKD 364.3 billion in November, mainly due to lower sales of non-metallic mineral manufactures (-26.7 percent); electrical machinery, apparatus & appliances, & electrical parts thereof (-0.4 percent) and textile yarn, fabrics, made-up articles & related products (-10.8 percent). Meanwhile, sales of professional, scientific & controlling instruments & apparatus rose (+12.0 percent). 

Exports to Asia as a whole declined by 3.6 percent, namely India (-29.1 percent), Vietnam (-8.7 percent), Taiwan (-5.3 percent) and China (-5.0 percent). On the other hand, sales increased to Thailand (+26.8 percent), Malaysia (+25.1 percent), Singapore (+20.4 percent) and Japan (+3.9 percent). Apart from Asia, sales to Germany dropped (-4.9 percent). 

Imports increased 0.5 percent from a year earlier to HKD 409.3 billion, boosted by higher purchases of petroleum, petroleum products & related materials (38.1 percent); electrical machinery, apparatus & appliances, and electrical parts thereo (1.7 percent) and power generating machinery & equipment (21.4 percent). On the other hand, purchases of telecommunications & sound recording and reproducing apparatus & equipment fell (-4.9 percent). 

Among major trading partners, imports went up mainly from Malaysia (+29.4 percent), Singapore (+19.4 percent), the US (+6.3 percent) and China (+1.0 percent). In contrast, purchases declined from Korea (-24.7 percent), the Philippines (-15.4 percent) and Taiwan (-14.0 percent).

Considering the January to November period, exports advanced 8.6 percent and imports jumped 10.0 percent posting a trade gap of HKD 511.7 billion.

Hong Kong Trade Gap Widens in November