In December, Hong Kong reported a higher trade deficit as opposed to the same month the prior year—attributable to a more rapid increase in imports than exports, according to the Census and Statistics Department.
The city's trade deficit escalated to HK$59.9 billion in December, up from the previous year's HK$51.6 billion. In contrast, Hong Kong had a deficit of HK$27.9 billion in November. The HK$59.9 billion trade deficit for December accounted for 13.4 percent of import values.
December saw an 11.0 percent annual increase in exports, greater than the 7.4 percent growth recorded in November. Exports to Asia, in general, witnessed a 10.9 percent rise. Among these, India recorded the highest growth in shipments from Hong Kong, with a considerable 46.1 percent surge. Closely following was Thailand, with an export increase of 39.9 percent.
Apart from Asian destinations, export shipments to the USA significantly escalated by 25.6 percent.
Hong Kong's imports registered an impressive 11.6 percent annual growth in December, substantially outpacing the 7.1 percent rise reported the previous month.
Throughout 2023, the city's total trade deficit broadened to HK$467.6 billion, a noticeable increase from HK$395.8 billion in 2022.
As the spokesperson from the government highlighted, the city's near-term export performance will continue to be influenced by factors such as international geopolitical tensions and a global economic slowdown.
