HONG KONG

March exports, imports suffer steep falls

The city's exports in March fell 21.1 percent year-on-year in value terms to $175.5 billion, the Census & Statistics Department (CSD) said yesterday.

Within the total, the value of re-exports mainly from the mainland dropped 20.5 percent to $171.1 billion, while the value of domestic exports fell 41.1 percent to $4.4 billion. The value of goods imports dropped 22.7 percent to $193.7 billion.

A visible trade deficit of $18.2 billion, or about 9.4 percent of the value of goods imports, was recorded in March.

Mortgage loan approvals fall 32.4% yr/yr in March

New mortgage loans approved in March fell 32.4 percent from a year earlier to HK$16.7 billion ($2.14 billion),the city's de facto central bank, Hong Kong Monetary Authority (HKMA), said yesterday.

Some analysts said the sharp year-on-year drop in new mortgage loan approvals was due mainly to the decision by many homebuyers to delay purchases of new apartments as the global recession has yet to show signs of abating.

The March figure, however, was a marked improvement from the previous month's level. Loans were up 46 percent from February, the HKMA said.

Harbin Power says Q1 orders drop 37% yr/yr

Mainland power gear maker Harbin Power Equipment Co Ltd said yesterday new orders for the first quarter this year amounted to 7.9 billion yuan ($1.16 billion), down 37 percent year-on-year.

Profit margin was expected to drop slightly this year, and revenues would fall due to an expected 10-20 percent cut in production in 2009, a company executive told reporters.

TAIWAN

March key indicators up 1.5% month-on-month

Taiwan's index of leading indicators in March rose a monthly 1.5 percent, gathering pace from February's revised 1.1 percent rise that ended a 15th straight month of declines, because of improving export orders and rising stocks, data showed yesterday.

The leading index could post more falls in coming months, though a rebound in the stock market and manufacturing data, showing some signs of improvement could provide some support, analysts said.

The export orders, money supply, stocks, producers' inventory and semiconductor book-to-bill ratio fared better in March than in February.

The next release will be on May 27.

Stocks at 2-week low amid swine flu concerns

Taipei stocks fell 3 percent yesterday to a two-week closing low, as swine flu fears triggered widespread selling and investors sold high-flying financial shares after a landmark financial services deal with the mainland.

The main TAIEX share index ended 175.72 points lower at 5,705.05, its weakest close since April 9 and its biggest one-day percentage drop in a week.

Turnover was active at NT$136.8 billion ($4.1 billion), but lower than Friday's NT$144.5 billion before major tech companies report their quarterly earnings later this week.

NT$ down on swine flu, exporters absent

The Taiwan dollar closed weaker yesterday as concerns over swine flu triggered widespread selling, prompting inflows into major currencies that serve as more traditional safe havens.

The Taiwan dollar reversed early gains to fall to a low of NT$33.749 against the US dollar before paring some of those losses to close the session at NT$33.730. That was weaker than Friday's close of NT$33.711.

Volume on the main Taipei Forex Inc exchange was moderate at $741 million, but less than the $798 million in the previous session.

China Daily - Reuters

(HK Edition 04/28/2009 page16)