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 fell to HK$53.2 billion in September from HK$64.6 billion in the same month last year. However, the trade shortfall widened notably from HK$33.1 billion in August.

The visible trade deficit of HK$53.2 billion was equivalent to 7.5 percent of the value of imports.

The annual increase in exports was 4.7 percent in September, versus a 6.4 percent surge in August.

Exports to the Mainland of China alone expanded by 12.3 percent from last year.

Total exports to Asia as a whole grew by 6.9 percent. Within this, shipments to Vietnam advanced the most, by 33.0 percent. This was followed by Thailand with a 19.8 percent jump in exports. Meanwhile, exports to India showed a sharp decline of 22.9 percent.

Apart from destinations in Asia, outflows to the Netherlands grew 16.4 percent, while those to Switzerland were 21.9 percent lower.

Imports logged an annual increase of 1.4 percent in September, slower than the 7.9 percent gain in the prior month.

"Looking ahead, while escalating trade conflicts and global economic uncertainties may continue to affect Hong Kong's export performance, improved prospects of the Mainland economy should provide some support," a government spokesman said.