Hong Kong’s Census and Statistics Department reported a trade deficit of HK$27.5 billion (approximately US$3.6 billion) in January.
Monthly exports of goods increased 17.6 percent year-over-year to HK$304.8 billion, following a year-over-year increase of 14.4 percent in December 2012. Imports of goods rose 23.9 percent to HK$332.3 billion, after a year-over-year rise of 11.9 percent in December 2012.
Asian markets contributed significantly to the year-on-year growth in January, a government spokesman said, as exports to both the U.S. and the European Union were lackluster.
The late date of Chinese New Year likely distorts year-over-year comparisons for the month; a clearer picture of Hong Kong’s trade should emerge once February’s figures are available as well.