The gap between China’s reported exports to Hong Kong, and what the territory is reporting as imports from the mainland once again widened in September. The conclusion being drawn from this, repots Bloomberg is that fake export-invoicing is again skewing China’s trade data.
China recorded $1.56 of exports to Hong Kong last month for every $1 in imports Hong Kong registered. That stack up to a $13.5 billion disparity, according to government data compiled by Bloomberg. Hong Kong’s imports from China climbed 5.5 percent from a year earlier to $24.1 billion, figures showed yesterday. The data further showed China’s exports to Hong Kong surged 34 percent to $37.6 billion, if mainland data is taken at face value.
“This is definitely another important piece of evidence of over-invoicing exports to Hong Kong to facilitate money inflow into China,” said Shen Jianguang, chief Asia economist at Mizuho Securities Asia Ltd. in Hong Kong. “So we shouldn’t be too optimistic about recent export data from China.”
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