Hong Kong Trade Gap Widens In October

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

The trade deficit widened to HK$39.9 billion in October from HK$31.0 billion in the same month last year. Meanwhile, the trade shortfall narrowed notably from HK$50.1 billion in September.

The visible trade deficit of HK$39.9 billion was equivalent to 8.0 percent of the value of imports.

On a yearly basis, exports surged 17.5 percent in October, faster than the 16.1 percent growth in September.

During October, the country exported 16.1 percent more electrical machinery, apparatus and appliances, and electrical parts thereof, the data showed.

Exports to the mainland of China showed a growth of 9.8 percent from last year.

Total exports to Asia as a whole grew by 15.6 percent. Within this, shipments to Malaysia advanced the most, by 139.4 percent. This rise was followed by Vietnam, with a 56.0 percent jump in exports.

Apart from destinations in Asia, outflows to the Netherlands logged a sharp growth of 56.8 percent, and those to the USA were 40.5 percent higher.

Imports logged an annual increase of 18.3 percent in October, following a 13.6 percent growth in the prior month. Imports from Vietnam topped the list with a 189.1 percent surge.