Hong Kong Trade Surplus Shrinks In January

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

The trade surplus dropped to HK$2.1 billion in January from HK$3.6 billion in the same month last year. In December, the trade balance showed a shortfall of HK$34.5 billion.

The visible trade surplus of HK$2.1 billion was equivalent to 0.5 percent of the value of imports.

The annual rise in exports was 0.1 percent in January, slower than the 5.2 percent growth in December.

Total exports to Asia as a whole rose only by 0.4 percent. Within this, exports to Vietnam grew the most by 73.9 percent, followed by Singapore with a 41.6 percent surge. Meanwhile, shipments to India plunged by 22.3 percent, and those to Malaysia declined by 17.2 percent.

Data showed that exports to mainland China dropped by 2.1 percent.

Apart from destinations in Asia, outflows to the Netherlands slumped 31.8 percent, and those to the United Kingdom slid by 8.8 percent.

Imports rebounded 0.5 percent in January, following a 1.1 percent fall in the prior month.

"Looking ahead, while uncertainties in the external environment, in particular escalating trade protectionism, would continue to weigh on Hong Kong's export performance, steady global economic growth, together with the Central Government's various measures to boost the Mainland economy, would provide support," a government spokesman said.