MONDAY, SEPTEMBER 24, 1979
AUGUST EXPORTS OVERTAKE IMPORTS
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THE VALUE OF HONG KONG'S TOTAL EXPORTS ROSE OVER IMPORTS BY $215 MILLION LAST MONTH (AUGUST) THE FIRST VISIBLE TRADE SURPLUS TO BE RECORDED IN ANY MONTH SINCE SEPTEMBER 1977, ACCORDING TO PROVISIONAL TRADE FIGURES RELEASED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY (MONDAY).
THE VALUE OF HONG KONG'S TOTAL EXPORTS FOR THE MONTH STOOD AT $7 563 MILLION, MADE UP OF $5 806 MILLION IN DOMESTIC EXPORTS AND $1 757 MILLION IN RE-EXPORTS. IMPORTS WERE WORTH $7 348 MILLION.
COMMENTING ON THESE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT THOUGH SEASONAL FACTORS ACCOUNTED FOR PART OF THE SURPLUS, THE SIZE OF THE SURPLUS AND THE CONTINUING STRONG GROWTH IN EXPORTS AND RE-EXPORTS THROUGHOUT THIS YEAR CONFIRM THAT THE VISIBLE TRADE GAP -- THE PROPORTION OF IMPORTS WHICH ARE NOT PAID FOR BY TOTAL EXPORT EARNINGS IS CONTINUING TO NARROW.
+THIS IS CONSISTENT WITH THE VIEW TAKEN BY THE FINANCIAL SECRETARY WHEN HE GAVE HIS REVISED FORECAST ON THE ECONOMY IN A SPEECH DELIVERED TO THE FOREIGN CORRESPONDENTS' CLUB ON SEPTEMBER 14, HE SAID,
THE SPOKESMAN ADDED THAT THE VISIBLE TRADE GAP FOR THE FIRST EIGHT MONTHS OF 1979 WAS ABOUT 12 PER CENT OF THE VALUE OF IMPORTS, COMPARED WITH ABOUT 14 PER CENT FOR THE SAME PERIOD IN 1978.
COMPARED WITH THE SAME MONTH IN 1978, THE VALUES OF DOMESTIC EXPORTS IN AUGUST ROSE BY 45 PER CENT, RE-EXPORTS BY 47 PER CENT, TOTAL EXPORTS (DOMESTIC EXPORTS AND RE-EXPORTS) BY 45 PER CENT AND IMPORTS BY 40 PER CENT.
THE SPOKESMAN SAID SINCE MAY THIS YEAR, TOTAL EXPORTS HAVE CONTINUED TO GROW FASTER THAN IMPORTS.
COMPARED WITH THE FIRST EIGHT MONTHS OF 1978, THE FIGURES SHOWED THAT THE VALUES OF DOMESTIC EXPORTS WAS 37 PER CENT HIGHER, RE-EXPORTS UP 55 PER CENT, TOTAL EXPORTS ROSE 42 PER CENT AND IMPORTS INCREASED BY 38 PER CENT.
THE SPOKESMAN POINTED OUT THAT AS THE GROWTH IN IMPORTS IN RECENT MONTHS WAS DUE MORE TO HIGHER IMPORTS OF RAW MATERIALS AND SEMI-MANUFACTURES THAN OF CONSUMER GOODS, THE FACT THAT TOTAL EXPORTS WERE GROWING FASTER THAN IMPORTS INDICATED THAT CONSUMER DEMAND WAS GROWING AT A RATE SLOWER THAN EXPORT DEMAND.
+THIS IMPLIES THAT THE RELATIVE SHIFT IN THE DISTRIBUTION OF RESOURCES IN FAVOUR OF THE EXPORT SECTOR HAS CONTINUED, + HE ADDED.
/FOLLOWING ARE