50
THE ECONOMY
Mainland enterprises seek to extend outward in due course, Hong Kong can also help these enterprises to gain access to the overseas markets.
The Economy in 2002
External Trade
Hong Kong's merchandise exports staged a strong rebound over the course of 2002, amidst continued robust demand in the Mainland and a resurgence in intra-regional trade, as well as revived import absorption in the conventional overseas markets. Improvement in Hong Kong's external price competitiveness brought about by a weaker US dollar rendered an additional boost.
For 2002 as a whole, Hong Kong's total exports of goods (comprising re-exports and domestic exports) had a notable growth at 8.6 per cent in real terms, representing a significant turnaround from the 3.3 per cent fall in 2001. Moreover, there was a distinct upturn over the course of the year. Although total exports declined by 2.5 per cent in real terms in the first quarter of 2002 over a year earlier, they had already reverted to positive growth at 5.9 per cent in the second quarter, and even accelerated to 11.4 per cent and 18.3 per cent respectively in the third and fourth quarters. On a seasonally adjusted quarter-to-quarter comparison, total exports of goods rose throughout the four quarters, by 4.5 per cent, 5.8 per cent, 4.0 per cent and 4.0 per cent respectively in real terms (Chart 9).
Chart 9
Per cent
30
Hong Kong's visible trade (year-on-year rate of change in real terms)
Re-exports
20
Imports of goods
10
0
-10
Total exports of goods
Domestic exports
-20
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Total exports of goods, including in particular re-exports, bounced up distinctly in 2002, reversing the decline in 2001. Imports of goods likewise rebounded visibly.