Imports up 7.9% to $378.7b in October

However, a $44b trade deficit was also recorded this month.

Imports increased 7.9% YoY to $378.7b in October, according to latest data from Hong Kong’s Census and Statistics Department.

Imports from major suppliers particularly in Malaysia posted a significant increase at 57.3% whilst Philippines import values rose 32%.

However, decreases were registered in India (-15.1%) and Japan (-4.1%) markets.

Moreover, a visible trade deficit worth $44b, equivalent to 11.6% of value of import goods, was registered this month. The details were not disclosed in the government’s press release.

Imports were led by contributions from electrical machinery, apparatus and appliances and electrical parts which increased 14.5% to $17.6b and miscellaneous manufactured articles (jewelry and silversmith ware) which rose 14.8% to $2.7b.

Overall merchandise trade registered strong performance in October as exports also increased 6.7% to $334.7b this month.