Hong Kong Trade Deficit Narrows In March
Hong Kong's trade deficit decreased by 10.1 percent to HKD 42.3 billion in March 2017 from HKD 47.0 billion in the same month of the previous year, as exports went up 16.9 percent and imports rose at a slower 13 percent.
Year-on-year, exports increased by 16.9 percent to HKD 321.9 billion in March 2017, after an increase of 18.2 percent in the previous month. Exports to Asia as a whole went up by 19 percent, mainly to India (77.3 percent); Taiwan (37.1 percent); Vietnam (17.6 percent); the Phillippines (17.4 percent); China (16 percent), and Japan (13.9 percent).
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Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other region in particular Germany (17.7 percent); the US (8.9 percent), and the UK (3.2 percent).
By commodity, exports increased for: electrical machinery, apparatus and appliances, and electrical parts thereof (23.5 percent); telecommunications and sound recording and reproducing apparatus and equipment (15.4 percent), and non-metallic mineral manufactures (26.4 percent).
Imports rose by 13 percent to HKD 364.2 billion in March 2017, after an increase of 25.4 percent in the preceding month. Increases were recorded from South Korea (53.9 percent); India (38.0 percent); the Philippines (32.8 percent); Taiwan (23.3 percent); China (12.1 percent); and Thailand (10.2 percent).
By commodity, imports surged for: electrical machinery apparatus and appliances, and electrical parts thereof (22.5 percent); telecommunications and sound recording and reproducing apparatus and equipment (10.0 percent); and miscellaneous manufactured articles mainly jewellery, goldsmiths an silversmiths' wares (16 percent).
Considering the first three months of 2017, the trade deficit widened to HKD 110.9 billion from HKD 97.7 billion in the same period of the previous year. Exports went up 10.3 percent and imports grew 10.7 percent.
"Merchandise exports sustained strong growth in March, amid an improving global economy. Exports to the major advanced economies improved visibly, and those to the Mainland and many other Asian economies stayed robust. Looking ahead, the gradually strengthening global economic conditions should continue to render support to Hong Kong's export performance in the near term. However, the outlook is still subject to uncertainties, including those related to the US interest rate normalisation, Brexit and other political developments in Europe, possible rise of protectionist sentiment and heightened geopolitical tensions in various regions", a government spokesman noted.