2023.09.2611:22:00UTC+00Hong Kong Trade Deficit Widens Sharply In August

Hong Kong's trade deficit increased notably in August from a year ago as exports fell faster than imports, data from the Census and Statistics Department showed on Tuesday.

The visible trade deficit rose to HK$25.59 billion in August from HK$13.26 billion in the same month last year. In July, the trade deficit was HK$29.98 billion.

The visible trade gap of HK$25.59 billion was equivalent to 6.7 percent of the value of imports.

The annual decline in exports was 3.7 percent in August, slower than the 9.1 percent fall in June. The overall decline in shipments was attributed to a weak external environment.

Total exports to Asia as a whole dropped by 3.7 percent. Within this, shipments to Korea plunged the most, by 35.3 percent, followed by the Philippines with a 23.8 percent decline.

When compared to other main export destinations, shipments to Germany and the United States decreased by 24.5 percent and 13.2 percent, respectively.

Imports declined at a slower pace of 0.3 percent versus a 7.9 percent decrease in the prior month.