Hong Kong’s trade deficit narrowed in March, as imports declined at a faster pace than exports, data from the Census and Statistics Department showed on Monday.
The trade deficit fell to HK$34.707 billion in March from HK$59.241 billion in the same month last year. In February, the trade deficit was HK$38.551 billion.
Exports fell 5.8 percent annually in March, after a 4.3 percent rise in the previous month.
Imports decreased 11.1 percent in March, following a 0.1 percent decline in the previous month.
On a monthly basis, exports and imports grew 35.7 percent and 29.3 percent, respectively, in March.
For the January to March period, the trade deficit was HK$ 103.788 billion compared to HK$118.725 billion in the same period last year. Exports and imports fell by 9.7 percent and 10.0 percent, respectively.
On a seasonally adjusted basis, exports and imports decreased 9.8 percent and 5.7 percent, respectively, in the first quarter from the previous three months.
“While exports to the Mainland [China] rebounded alongside the gradual resumption of economic activities there, exports to many other major markets, including the US and EU, plunged further,” a government spokesman said.
“Looking ahead, as COVID-19 has spread across the world since March and caused a severe contraction of global economic activity, Hong Kong’s merchandise exports will remain under notable pressure in the near term.”