According to the latest data from the Census and Statistics Department released on Monday, Hong Kong experienced a reduction in its foreign trade deficit in September compared to the previous year. This improvement is attributed to a more rapid growth in exports than imports.
The trade deficit narrowed to HK$53.2 billion in September, down from HK$64.6 billion in the same month the previous year. However, it represents an increase from HK$33.1 billion recorded in August. This deficit amounts to 7.5 percent of the overall import value.
Exports witnessed a year-on-year increase of 4.7 percent in September, following a 6.4 percent increase in August. Notably, exports to Mainland China alone surged by 12.3 percent compared to the previous year.
In the Asian market, total exports rose by 6.9 percent. Shipments to Vietnam recorded the highest growth at 33.0 percent, followed by a 19.8 percent rise in exports to Thailand. In contrast, India experienced a significant 22.9 percent decline in exports.
Beyond Asia, exports to the Netherlands grew by 16.4 percent, while Switzerland saw a decrease of 21.9 percent in outflows.
Imports registered a modest annual increase of 1.4 percent in September, a slowdown from the 7.9 percent rise seen in the previous month.
A government spokesman noted, "Looking forward, while rising trade tensions and global economic uncertainties may continue to impact Hong Kong's export performance, the improved economic outlook of Mainland China should offer some support."
