Hong Kong's merchandise trade account with the world slipped $127.5 billion into the red during the first nine months of the year.
The strength of the dollar and weak import demand in several major overseas markets contributed to the deficit which was equivalent to 11 per cent of the value of imports.
Last month there was a visible trade deficit of $6.3 billion, or 4.8 per cent of the value of imports.
Imports increased by about 2 per cent to $133 billion, re-exports of about $108 billion were nearly static while domestic exports were up 4.2 per cent to $19 billion compared to the same month last year.
Trade flows are unlikely to have improved during the intervening period as regional economies became engulfed in the currency contagion and equity crisis.
A Government spokesman said domestic exports had shown signs of bottoming out during recent months.