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Hong Kong trade gap narrows in July

Christian Fernsby |
The trade deficit in Hong Kong narrowed to HKD 32.2 billion in July 2019 from HKD 47.1 billion in the corresponding month of the previous year.

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Topics: HONG KONG    TRADE   

Exports fell 5.7 percent over a year earlier and imports declined at a faster 8.7 percent.

Year-on-year, imports decreased 8.7 percent to HKD 370.8 billion in July, mainly due to lower purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (-9.6 percent); office machines and automatic data processing machines (-14.2 percent); and non-metallic mineral manufactures (-20.5 percent).

On the other hand, imports of power generating machinery and equipment rose 5.4 percent.

Among major trading partners, imports fell from Malaysia (-30.9 percent), South Korea (-29.3 percent), Singapore (-20.7 percent), Switzerland (-11.7 percent), India (-11.6 percent), the US (-10.7 percent) and the Mainland (-4 percent).

Exports declined 5.7 percent to HKD 338.6 billion, mostly due to lower sales of electrical machinery, apparatus and appliances, and electrical parts thereof (-6.9 percent); office machines and automatic data processing machines (-8.7 percent); and telecommunications and sound recording and reproducing apparatus and equipment (-4.5 percent).

In contrast, sales of power generating machinery and equipment jumped 50.5 percent.

Exports to Asia as a whole fell 5.5 percent, namely Malaysia (-14.7 percent), Vietnam (-8.6 percent), the Mainland (-7.1 percent), Thailand (-7.0 percent) and India (-5.6 percent).

Meanwhile, sales advanced to the Philippines (26.0 percent) and Taiwan (21.1 percent).

Apart from destinations in Asia, export decreased to Germany (-13.0 percent) and the US (-10.3 percent) while increased to the UK (4.1 percent).

Looking forward, in the face of the difficult external environment and the further escalation of US-Mainland trade tensions in September, Hong Kong's near-term export performance should remain sluggish or may even weaken further.


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