Hong Kong's foreign trade deficit experienced a significant reduction in December compared to the previous year, driven by accelerated export growth alongside a dip in imports, as reported by the Census and Statistics Department on Monday.
The trade deficit narrowed to HK$34.5 billion in December, down from HK$59.9 billion in the same month the prior year, also marking a decrease from November's deficit of HK$43.4 billion. The HK$34.5 billion trade gap represented 7.8 percent of the total import value.
In December, exports saw an annual rise of 5.2 percent, improving from a 2.1 percent increase recorded in November. Specifically, exports to Mainland China surged by 14.9 percent year-on-year.
Exports to Asia collectively increased by 9.6 percent, with Vietnam witnessing the largest uptick at 49.9 percent. This was followed by the Philippines with a 33.8 percent rise in exports. Conversely, there was a notable 33.2 percent decline in exports to India.
Outside of Asia, exports to the United Kingdom fell by 28.1 percent, while shipments to the Netherlands declined by 23.6 percent.
On the import side, there was an annual decrease of 1.1 percent in December, a reversal from the 5.7 percent gain observed in the previous month.
For the entirety of 2024, the value of total goods exports increased by 8.7 percent compared to 2023, with imports rising by 6.0 percent. The visible trade deficit reached HK$379.7 billion, equating to 7.7 percent of the import value of goods for the year.
A government spokesperson noted, "Looking ahead, uncertainties in the external environment, particularly trade conflicts, may impact Hong Kong's export performance. However, the various measures introduced by the Central Government to stimulate the Mainland economy should offer support."
