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Hong Kong trade deficit narrows in July

Hong Kong trade deficit narrows in July

HONG KONG: Hong Kong’s trade deficit decreased in July from a year ago, as exports grew faster than imports, the Census and Statistics Department said Thursday. The visible trade deficit fell to HK$29.6 billion in July from HK$33.3 billion in the corresponding month last year. The deficit also narrowed from HK$48.3 billion in June. Economists had expected the deficit to decline to HK$40.0 billion.

Exports grew 7.3 percent year-over-year in July and imports rose by 5.5 percent. “Looking ahead, the moderate expansion of the global economy will likely continue to render support to Asia’s and Hong Kong’s exports in the near term, a government spokesman said. “However, the trading environment is still subject to various uncertainties, including those arising from the US monetary policy normalization, possible rise in protectionist sentiment, Brexit-related negotiations and elevated geopolitical tensions in various regions.”