Hong Kong records $25.2b trade deficit in January

The country’s value of total export and increased both increased YoY.

Hong Kong has a trade deficit of $25.2b in January, a government survey said.

The value of total exports and imports rose by 44% and 37.7% YoY, respectively, compared to a year earlier. The value of total exports soared to $388b whilst the value of total imports increased to $413.2b, resulting in trade deficit which is equivalent to 6.1% of the value of imports of goods.

The value of total exports experienced a YoY increase of 11.7% in December 2020 whilst the value of total imports increased YoY by 14.1% in the same month.

Total exports to Asia grew by 49.5% in January 2021 compared to a year earlier. In the region, the countries with most increased exports are Taiwan, Vietnam, mainland China, and Korea.

According to the Census and Statistics Department, whilst this suggests that the stronger growth momentum that started in the latter part of last year has continued in January 2020, the figure is partly distorted by the difference in timing of the Lunar New Year, which fell in mid-February this year but in late January last year.

“A clearer picture of the underlying situation can thus be ascertained by analysing the trade figures for January and February combined when available,” the department added.