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SATURDAY, AUGUST 25, 1979
PROVISIONAL TRADE FIGURES FOR JULY, 1979
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THE VALUE OF HONG KONG'S TOTAL EXPORTS FOR JULY WAS $6,828 MILLION, MADE UP OF $5,174 MILLION IN DOMESTIC EXPORTS AND $1,653 MILLION RE-EXPORTS.
THIS WAS REVEALED IN THE PROVISIONAL FIGURES FOR EXTERNAL MERCHANDISE TRADE FOR JULY PUBLISHED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY (SATURDAY).
IMPORTS FOR JULY WERE WORTH $7,542 MILLION AND THE VISIBLE TRADE DEFICIT FOR THE MONTH WAS $714 MILLION.
COMMENTING ON THESE TRADE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT IN INTERPRETING THE FIGURES, ONE MUST NOTE THAT A +747 JUMBO+ AIRCRAFT WHICH IS WORTH ABOUT $250 MILLION WAS
IMPORTED IN JULY.
SO, ALTHOUGH THE VISIBLE TRADE DEFICIT FOR JULY, AT $714 MILLION, WAS LARGER THAN THAT FOR JULY LAST YEAR AT $546 MILLION. THE UNDERLYING TREND ILLUSTRATED BY THESE FIGURES IS THAT THE PROPORTION OF IMPORTS WHICH ARE NOT PAID FOR BY EXPORT EARNINGS, THE SO-CALLED VISIBLE TRADE +GAP+, HAS CONTINUED TO NARROW AND IN ADDITION, THE VISIBLE TRADE DEFICIT IN ABSOLUTE TERMS HAS ALSO BEGUN TO NARROW, HE SAID.
THE SPOKESMAN ADDED THAT THE VISIBLE TRADE DEFICIT FOR THE FIRST SEVEN MONTHS OF 1979 AT $6,626 MILLION WAS ABOUT 14 PER CENT OF THE VALUE OF IMPORTS. IN THE SAME PERIOD LAST YEAR THE PROPORTION WAS ABOUT 16 PER CENT.
TOTAL EXPORTS HAVE CONTINUED TO GROW FASTER THAN IMPORTS. COMPARED WITH THE SAME MONTH IN 1978, THE VALUE OF DOMESTIC EXPORTS IN JULY INCREASED BY 47 PER CENT AND THE VALUE OF RE-EXPORTS BY 69 PER CENT.
SO, THE VALUE OF TOTAL EXPORTS, THAT IS, DOMESTIC EXPORTS PLUS RE-EXPORTS, INCREASED BY 52 PER CENT. THIS IS FASTER THAN THE INCREASE IN IMPORTS AT 49 PER CENT (OR 45 PER CENT EXCLUDING THE JUMBO+ AIRCRAFT).
COMPARING FIGURES FOR THE FIRST SEVEN MONTHS THIS YEAR WITH THE CORRESPONDING PERIOD IN 1978, THE VALUE OF DOMESTIC EXPORTS WAS 36 PER CENT HIGHER, RE-EXPORTS 57 PER CENT HIGHER, AND THE TOTAL EXPORTS 41 PER CENT UP. THE VALUE OF IMPORTS WAS 38 PER CENT HIGHER.
THE GOVERNMENT SPOKESMAN COMMENTED THAT THE TRADE FIGURES FOR JULY CONFIRMED THE VIEW TAKEN WHEN THE TRADE FIGURES FOR JUNE WERE RELEASED THAT IN RECENT MONTHS, THERE HAS BEEN A RELATIVE SHIFT OF RESOURCES IN FAVOUR OF THE EXPORT SECTOR.
/THE FOLLOWING.....