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Hong Kong Economic & Financial Round-up
HONG KONG ECONOMY
6000
Issue No. 1/92
Overview
Whilst re-exports continued to record substantial growth in November, domestic exports declined. Imports showed further increase, though at a less rapid rate than in the earlier part of the year.
2.
The labour market seemed to have tightened up again in recent months, with the unemployment rate edging down. Consumer price inflation moderated further in November, though it still remained at double-digit level.
3.
On the financial front, local money market interest rates softened further in December, in line with the movements of their US dollar counterparts. The market exchange rate of the Hong Kong dollar against the US dollar moved within a narrow range close to the link of 7.80. Reflecting a relatively weaker US dollar, the overall exchange value of the Hong Kong dollar, in terms of the effective exchange rate index, showed a marginal decline during the month.
4.
In the local stock market, the Hang Seng Index showed some increase during December. Average daily turnover declined, however.
External trade
5.
Re-exports grew markedly by 22.5% in value terms in November over a year earlier, following an increase of 22.1% in October. However, the value of domestic exports was 6.5% lower. The corresponding decline in October was 4.0%. Over the same period, the value of imports rose by 10.3%, following an increase of 9.6% in October.
HONG KONG GOVERNMENT OFFICE