Hong Kong's trade deficit in August significantly widened to HK$71.2 billion from HK$4.9 billion in July as the import of artificial intelligence-related technology exceeded exports.
The export value for the month jumped 53% from a year earlier to HK$667.9 billion, while the import value climbed 60% year on year to HK$739.1 billion, according to Thursday data from the Census and Statistics Department.
Export and import growth in August were higher than the respective 50.7% and 41% rise in July.
Among commodities, office machines and automatic data processing machines recorded a significant jump both in exports and imports. Its export value soared 131%, but imports rose higher by 155% from a year earlier.
Meanwhile, the export value of electrical machines and parts climbed 63% from a year earlier, and its import value rose 65%.
A government spokesperson attributed the rise of exports to growing demand for AI-related products.
Within Asia, the biggest year-on-year growth in the amount of shipments went to Malaysia, soaring 102%, while exports to Mexico jumped 69%. Those going to the U.S. and China rose 64% and 61%, respectively.
As for imports, Korean imports saw the biggest growth as it surged 266% from the prior year, followed by the U.K., which soared 112%, and India, with a 108% jump.
