Hong Kong Trade Deficit Narrows in December
Hong Kong's trade deficit decreased by 4.6 percent to HKD 45.50 billion in December 2016 from HKD 45.71 billion the same month of the previous year as exports increased by 10.1 percent to HKD 340.34 billion while imports rose by 8.7 percent to HKD 385.82 billion. It was the largest deficit since June.
Year-on-year, exports increased by 10.1 percent to HKD 340.34 billion in December of 2016, after inccrease of 8.1 percent in November 2016. Exports to Asia as a whole grew by 13.8 percent, mainly to Taiwan (38.5 percent), India (9.6 percent), Singapore (18.4 percent), Thailand (12.9 percent), Vietnam (14.1 percent), Korea (22.6 percent), and China (14 percent). Lower sales were recorded to the United Kingdom (-2 percent), the USA (-9.4 percent), and Germany (-4.1 percent).
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By commodity, exports went up for: electrical machinery, apparatus and appliances, and electrical parts thereof (19.9 percent), telecommunications and sound recording and reproducing apparatus and equipment (11.2 percent), and office machines and automatic data processing machines (6.8 percent). A decline in exports was registered for articles of apparel and clothing accessories (-17.8 percent).
Year-on-year, imports rose by 8.7 percent to HKD 385.8 billion, after an increase of 7.6 percent in the preceding month. Rises were registered in imports from some major suppliers, in particular Korea (67.7 percent), India (27.8 percent), Singapore (25 percent), Philipinnes (24.9 percent), Taiwan (19 percent), Japan (11 percent), and China (2.1 percent).
By commodity, imports increased for: electrical machinery, apparatus and appliances, and electrical parts thereof (17.8 percent); telecommunications and sound recording and reproducing apparatus and equipment (8.9 percent), and non-metalic mineral manufactures (8.8 percent). However, a decrease was registrered in the value of imports of articles of apparel and clothing accesories (-15.6 percent).
For January to December of 2016 as whole, there was a trade deficit of HKD 420.1 billion. Exports went down by 0.5 percent compared to the same period in 2015, in particular to Vietnam (-5.8 percent), Japan (-4.9 percent), the USA (-5.3 percent), and Germany (-5.1 percent). Imports fell 0.9 percent.