Both imports and exports record sizable annual increases

HONG KONG: Latest government figures have revealed that the values of Hong Kong's total exports and imports of goods in December 2009 both recorded year-on-year increases, thanks to a revival in intraregional trade.

Last month, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.2 percent over a year earlier to HK$224.8 billion, after an increase of 1.3 percent in November 2009.

Within this total, the value of re-exports increased by 9.7 percent to HK$219.7 billion in December 2009, whereas the value of domestic exports decreased by 7.0 percent to HK$5.2 billion.

Comparing December 2009 with December 2008, total exports to Asia as a whole grew by 17.7 percent. In this region, strong increases were registered in the values of total exports to most major destinations, in particular India (-56.0 percent), Taiwan (-55.7 percent), Indonesia (-49.9 percent), Korea (-39.7 percent), Vietnam (-25.4 percent) and the mainland (-16.8 percent).

Decreases were registered in the values of total exports to some major destinations, in particular Germany (-15.6 percent), the United Kingdom (-9.5 percent) and the United States of America (-8.7 percent).

Increases were registered in the values of total exports of many commodity types, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by HK$8.6 billion or 26.4 percent) and "electrical machinery, apparatus and appliances, and electrical parts (by HK$8.5 billion or 17.3 percent). The value of total exports of "articles of apparel and clothing accessories" decreased (by HK$2.8 billion, or -16.4 percent).

A Government spokesman said the US and EU markets were still rather slow in recovery. He added the sustainability of growth in the advanced economies is still a concern, continuing to pose some risk to the external trading environment.

Meanwhile, the value of imports of goods increased by 18.7 percent over a year earlier to HK$258.3 billion in December 2009, after a year-on-year increase of 6.5 percent in November 2009. A visible trade deficit of HK$33.4 billion, equivalent to 12.9 percent of the value of imports of goods, was recorded in December 2009.

China Daily

(HK Edition 01/27/2010 page4)