Hong Kong Trade Gap Widens To HK$25.8 Bln

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

The visible trade deficit rose to HK$25.8 billion in October from HK$20.9 billion in the same month last year. In September, the trade deficit was HK$64.5 billion.

The visible trade gap of HK$25.8 billion was equivalent to 6.3 percent of the value of imports.

The annual increase in exports was 1.4 percent in October versus a 5.3 percent fall in September.

Exports to the Mainland and the United States rose, while those to the European Union continued to fall notably.

Total exports to Asia as a whole climbed by 5.2 percent. Within this, shipments to Singapore surged the most, by 28.6 percent, followed by Vietnam with a 15.2 percent increase.

Imports rose 2.6 percent annually in October, in contrast to the 0.4 percent decline in the previous month.

"Looking ahead, the difficult external environment amid heightened geopolitical tensions and tight financial conditions will continue to weigh on Hong Kong's export performance in the near term," a government spokesperson said.