HONG KONG: Hong Kong’s foreign trade deficit increased notably in February from a year ago, as imports grew faster than exports, figures from the Census and Statistics Department showed Monday. The trade deficit widened to HK$56.3 billion in February from HK$33.1 billion in the corresponding month last year. In January, the shortfall was HK$12.3 billion. Economists had expected the deficit to rise to HK$39.4 billion. Exports climbed 18.2 percent year-over-year in February, exceeding economists’ forecast for a growth of 15.7 percent.
Similarly, imports surged 25.4 percent annually in February, well above the 16.4 percent increase expected by economists. “Looking ahead, the improvement in global economic conditions, if continued, would provide support to Asia’s trade to the benefit of Hong Kong’s exports,” a government spokesman said. “Yet, the trading environment is still subject to uncertainties, including those associated with the interest rate normalisation and other policy direction in the US, Brexit-related developments, as well as heightened geopolitical tensions in various regions.” “The Government will continue to monitor the situation closely.”
