FRIDAY, DECEMBER 28, 1979
PROVISIONAL TRADE FIGURES FOR NOVEMBER
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THE VALUE OF HONG KONG'S TOTAL EXPORTS FOR NOVEMBER WAS $7 339 MILLION, MADE UP OF DOMESTIC EXPORTS OF $5 337 MILLION AND RE-EXPORTS OF $2 002 MILLION, ACCORDING TO PROVISIONAL EXTERNAL MERCHANDISE TRADE FIGURES FOR NOVEMBER RELEASED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY (FRIDAY).
WITH IMPORTS AT $8 232 MILLION, THE VISIBLE TRADE DEFICIT FOR NOVEMBER WAS $893 MILLION.
FOR THE FIRST 11 MONTHS OF THIS YEAR, TOTAL EXPORTS WERE VALUED AT $68 465 MILLION MADE UP OF DOMESTIC EXPORTS OF $50 332 MILLION AND RE-EXPORTS OF $18 133 MILLION AND IMPORTS AT $77 540 MILLION, GIVING A TOTAL VISIBLE TRADE DEFICIT OF $9 075 MILLION.
COMMENTING ON THESE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT THE VISIBLE TRADE ACCOUNT HAD CONTINUED TO IMPROVE.
FIRST, TOTAL EXPORTS CONTINUED TO GROW FASTER THAN IMPORTS. FOR THE FIRST 11 MONTHS OF THE YEAR, THE VALUE OF TOTAL EXPORTS WAS 42 PER CENT HIGHER THAN IN THE CORRESPONDING PERIOD IN 1978, COMPARED WITH 38 PER CENT FOR THE VALUE OF IMPORTS.
THE VALUE OF DOMESTIC EXPORTS WAS 38 PER CENT HIGHER AND THE VALUE OF RE-EXPORTS 52 PER CENT HIGHER.
FOR NOVEMBER 1979, THE VALUE OF TOTAL EXPORTS WAS 42 PER CENT HIGHER THAN IN NOVEMBER 1978, COMPARED WITH ONLY 28 PER CENT FOR THE VALUE OF IMPORTS. THE VALUE OF DOMESTIC EXPORTS WAS 41 PER CENT HIGHER AND THE VALUE OF RE-EXPORTS 45 PER CENT HIGHER.
SECONDLY, THE SPOKESMAN SAID, ALTHOUGH THE VISIBLE TRADE DEFICIT FOR THE FIRST 11 MONTHS OF THIS YEAR, AT $9 075 MILLION, WAS $1 228 MILLION, LARGER THAN FOR THE CORRESPONDING PERIOD OF LAST YEAR, THE VISIBLE TRADE GAP, THAT IS THE EXTENT TO WHICH IMPORTS WERE NOT PAID FOR BY EXPORTS, WAS ON A NARROWING TREND. THE GAP NARROWED FROM 14 PER CENT IN THE FIRST 11 MONTHS OF 1978 TO LESS THAN 12 PER CENT IN THE SAME PERIOD THIS YEAR. FOR NOVEMBER 1979, THE VISIBLE TRADE DEFICIT, AT $893 MILLION, WAS ACTUALLY $347 MILLION LESS THAN IN NOVEMBER 1978.
THIRDLY, ALTHOUGH DETAILED FIGURES FOR NOVEMBER WERE NOT YET AVAILABLE, THOSE UP TO OCTOBER, WHICH WERE RELEASED ON DECEMBER 16, INDICATED THAT THE RECENT GROWTH IN IMPORTS WAS ATTRIBUTABLE MAINLY TO RAPID INCREASES IN IMPORTS OF RAW MATERIALS, SEMI-MANUFACTURES AND CAPITAL GOODS, RATHER THAN OF CONSUMER GOODS. THE DETAILED FIGURES FOR NOVEMBER WILL BE ANALYSED JUST AS SOON AS THEY ARE READY, IN ABOUT THREE WEEKS' TIME.
/THE GOVERNMENT