Hong Kong Trade Gap Widens In May

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

The trade deficit rose to HK$27.3 billion in May from HK$12.1 billion in the same month last year. In April, the trade shortfall was HK$16.0 billion.

The visible trade deficit of HK$27.3 billion was equivalent to 5.9 percent of the value of imports.

The annual increase in exports was 15.5 percent in May, versus a 14.7 percent surge in April.

Exports to the mainland of China alone expanded by 17.6 percent from last year.

Total exports to Asia as a whole grew by 21.8 percent. Within this, shipments to Japan advanced the most, by 96.2 percent. This was followed by Malaysia, with a 55.3 percent jump in exports.

Apart from destinations in Asia, outflows to the United States declined sharply, by 52.0 percent, and those to the United States plunged by 18.4 percent.

Imports logged an annual increase of 18.9 percent in May, faster than the 15.8 percent gain in the prior month.

"Looking ahead, the sustained steady growth in the Mainland economy and Hong Kong's enhanced economic and trade ties with different markets should render support to trade performance," a government spokesman said.