Hong Kong Trade Deficit Narrows To 5-Year Low
Hong Kong's trade deficit decreased by 29.4 percent to HKD 12.30 billion in January 2017 from HKD 17.48 billion the same month of the previous year as imports declined more than exports. Exports went down by 1.2 percent to HKD 296.3 billion while imports decreased by 2.7 percent to HKD 308.6 billion. It is the smallest deficit since January 2012.
Year-on-year, exports decreased by 1.2 percent to HKD 296.3 billion in January 2017 after an increase of 10.1 percent in December 2016. Exports to Asia as a whole went down by 1.8 percent, mainly to Vietnam (-7.5 percent); China (-5.8 percent); Phillippines (-2.9 percent) and Japan (-2.2 percent).
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By commodity, exports declined for: non-metallic mineral manufactures (-13.9 percent); power generating machinery and equipment (-16.1 percent) and textile yarn, fabrics, made-up articles and related products (-13.9 percent). In contrast, sales of electrical machinery, apparatus and appliances, and electrical parts thereof went up 1.6 percent.
Year-on-year, imports went down by 2.7 percent to HKD 308.6 billion in January 2017, after an increase 8.7 percent in the preceding month. Falls were recorded from Malaysia (-14.2 percent); the USA (-13.2 percent); Japan (-6.2 percent); Thailand (-5.4 percent) and China (-4.8 percent).
By commodity, imports declined for: office machines and automatic data processing machines (-12.2 percent); miscellaneous manufactured articles (-16 percent); and articles of apparel and clothing accessories (-12 percent). However, imports of electrical machinery apparatus and appliances, and electrical parts thereof rose 6.7 percent.