In November, Hong Kong experienced a significant rise in its foreign trade deficit compared to the previous year, as reported by the Census and Statistics Department on Monday. This increase was attributed to imports expanding at a faster pace than exports.
The trade deficit widened to HK$43.4 billion from the HK$27.9 billion recorded in the same month the previous year, marking an increase from the HK$31.0 billion deficit in October. This figure represents 9.9 percent of the total value of imports.
Exports saw a modest annual growth of 2.1 percent in November, down from a 3.5 percent rise in October. Specifically, exports to Mainland China grew by 3.9 percent year-on-year.
Overall, exports to Asia recorded a 3.9 percent increase, with notable gains to Singapore at 78.4 percent and Vietnam at 42.1 percent. However, exports to India sharply declined by 28.8 percent. Beyond Asia, exports to the Netherlands decreased by 30.2 percent, while those to the United Kingdom were down by 19.7 percent.
Imports saw a more robust annual expansion of 5.7 percent in November, accelerating from a 4.5 percent increase the previous month.
A government spokesperson commented, "Looking ahead, increased global economic uncertainties and the escalation of trade conflicts will pose challenges to Hong Kong's export performance. Nonetheless, measures implemented by Mainland China to stimulate its economy should offer some support."
