Hong Kong Trade Gap Narrows In September

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

The trade deficit dropped to HK$50.2 billion in September from HK$53.2 billion in the same month last year. Meanwhile, the trade shortfall increased notably from HK$25.4 billion in August.

The visible trade deficit of HK$50.2 billion was equivalent to 9.8 percent of the value of imports.

Compared to last year, exports surged 16.1 percent in September, faster than the 14.5 percent growth in August.

During September, the country exported 22.8 percent more electrical machinery, apparatus and appliances, and electrical parts thereof, the data showed.

Exports to the mainland of China showed a growth of 16.7 percent from last year.

Total exports to Asia as a whole grew by 18.3 percent. Within this, shipments to Vietnam advanced the most, by 50.9 percent. This rise was followed by Malaysia, with a 40.0 percent jump in exports.

Apart from destinations in Asia, outflows to Switzerland logged triple-digit growth of 138.5 percent, and those to Germany were 27.6 percent higher.

Imports logged an annual increase of 13.6 percent in September, following an 11.5 percent growth in the prior month. Imports from the United Kingdom topped the list with a 70.3 percent jump, closely followed by Vietnam with an increase of 68.7 percent.

"Looking ahead, Hong Kong's merchandise trade performance should continue to be underpinned by the sustained expansion in the global economy," a government spokesman said.

"Yet, the United States' trade policy will continue to cast uncertainties on the near-term outlook of international trade flows."