HONG KONG: Hong Kong’s foreign trade gap decreased in January from a year ago, as imports fell faster than exports, figures from the Census and Statistics Department showed Monday.
The trade deficit narrowed to HK$12.34 billion in January from HK$17.48 billion in the corresponding month last year. In December, the shortfall was HK$45.5 billion. Exports dropped 1.2 percent year-over-year in January and imports slid by 2.7 percent. “Looking ahead, the recent improvement in global economic conditions, if continued, could render support to Asia’s and Hong Kong’s exports. Yet, the trading environment is still subject to considerable uncertainties arising from the future US trade policy direction, US interest rate normalisation and unfolding of Brexit,” a government spokesman said. “Fragile fundamentals of some major advanced economies and heightened geopolitical tensions in various regions are also sources of concern. The Government will continue to monitor the situation closely.”