consequence, the visible
trade gap(2) at 6%,
·
was roughly
the same as that in the third quarter of 1981. Taking the
first nine months of this year as a whole, the gap was 11.2%,
which
represents an improvement compared with 12.4% in the
first nine months of last year.
2.10
increased by 2% during
While the prices of imports
the twelve months ending September
domestic exports rose by about
(3) terms of trade index
year from 102 a year ago.
improvement in the terms of trade reflected the relative
strength of the Hong Kong dollar against the currencies of
Hong Kong's import partners and its relative weakness against
the currencies of Hong Kong's export markets over this period (paragraph 3.11).
1982, the prices of
5%. As a consequence, the
improved to 105 in September this
Το a certain extent, this
Invisible trade
2.11
A quantitative assessment
of
of the position
invisible trade in the third quarter is not possible, given that only annual estimates of imports and exports of services
are available. While the number of incoming tourists in the
third quarter showed a year-on-year increase of 2%, the number
of Hong Kong residents touring abroad (including Macau and
China) increased by 4%. The continued growth in cargo movements (including transhipments) suggests that there might have been some increase in the net surplus on expenditure on shipping and transportation services in the third quarter.
(2) The visible trade gap is defined as the proportion of the value of
imports not covered by receipts from total exports.
(3) The terms of trade index is the ratio between the unit value index of
domestic exports and that of imports.
10