Hong Kong's merchandise exports in December grew much less than economists expected, data from the Census and Statistics Department revealed Tuesday.
Exports increased only 0.6 percent year-on-year following a 0.4 percent gain in November. Economists had expected 3 percent growth. Re-exports grew 0.8 percent, while domestic exports declined 11.9 percent.
Imports rose 1.9 percent annually after a 2.4 percent climb in November. Economists had forecast 3 percent increase.
The visible trade deficit for December widened to HK$59.3 billion from HK$54.35 billion a year ago. Economists had expect a shortfall of HK$55.5 billion. In November, the trade deficit was HK$52.16 billion.
For the full year 2014, exports rose 3.2 percent from the previous year with re-exports climbing 3.2 percent and domestic shipments increasing 1.7 percent. Imports grew 3.9 percent. The trade deficit was HK$546.3 billion compared to HK$501.03 billion a year ago.
A Government spokesman said merchandise exports remained sluggish in December, mainly due to the relatively soft regional trade flows due to a slow-growing global economy.
"Looking ahead, the external environment would still be rather unsteady, given the headwinds from the fragile economic situations in some advanced markets, monetary policy divergence among major central banks and geopolitical tensions in various regions. This is likely to continue to constrain Hong Kong's near-term export performance. The Government will monitor the situation closely."
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