4
THURSDAY, JANUARY 24, 1980
PROVISIONAL TRADE FIGURES FOR DECEMBER 1979
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THE PROVISIONAL FIGURES FOR HONG KONG'S EXTERNAL MERCHANDISE TRADE IN DECEMBER 1979 SHOW THAT THE VALUE OF TOTAL EXPORTS FOR THAT MONTH WAS $7 493 MILLION, MADE UP OF DOMESTIC EXPORTS AT $5 602 MILLION AND RE-EXPORTS AT $1 891 MILLION.
WITH IMPORTS AT $8 328 MILLION, THE VISIBLE TRADE DEFICIT FOR DECEMBER WAS $835 MILLION.
THESE FIGURES WERE PUBLISHED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.
FOR THE YEAR 1979 AS A WHOLE, THE VALUE OF TOTAL EXPORTS WAS $75 949 MILLION, MADE UP OF DOMESTIC EXPORTS OF $55 925 MILLION AND RE-EXPORTS OF $20 024 MILLION. WITH IMPORTS AT $85 852 MILLION, THE VISIBLE TRADE DEFICIT FOR 1979 WAS $9 903 MILLION.
COMMENTING ON THESE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT THE VISIBLE TRADE ACCOUNT FOR 1979 AS A WHOLE SHOWED TWO SUBSTANTIAL IMPROVEMENTS OVER THAT FOR 1978.
FIRST, THE GROWTH RATE OF THE VALUE OF TOTAL EXPORTS AT 41 PER CENT WAS SIGNIFICANTLY FASTER THAN THAT OF THE VALUE OF IMPORTS AT 36 PER CENT. THIS WAS THE REVERSE OF THE WORRYING TREND APPARENT IN 1978 WHEN THE GROWTH RATE OF THE VALUE OF IMPORTS AT 29 PER CENT HAD BEEN VERY MUCH FASTER THAN THE GROWTH RATE OF TOTAL EXPORTS AT 20 PER CENT.
SECONDLY, THE VISIBLE TRADE GAP, THAT IS THE EXTENT TO WHICH IMPORTS WERE NOT PAID FOR BY EXPORTS, NARROWED TO 11.5 PER CENT IN 1979 FROM 14.5 PER CENT IN 1978.
THE SPOKESMAN ADDED THAT THE IMPROVING TREND IN THE VISIBLE TRADE ACCOUNT DURING 1979 WAS EVEN MORE MARKED. IN THE FIRST HALF OF 1979 THE VISIBLE TRADE DEFICIT WAS LARGER THAN IN THE CORRESPONDING HALF OF 1978. IN THE SECOND HALF, IT WAS LESS THAN IN THE SAME PERIOD OF 1978.
THE VISIBLE TRADE DEFICIT FOR 1979 AT $9 903 MILLION IS ABOUT $2 000 MILLION LESS THAN THE FIGURE FORECAST AT THE BEGINNING OF 1979, THUS CONFIRMING THE GOVERNMENT'S VIEW THAT THE ECONOMY WAS ADJUSTING FAVOURABLY.
THE FOLLOWING ARE COMPARATIVE MERCHANDISE TRADE FIGURES FOR DECEMBER :
COMPARATIVE FIGURES
LATEST 3 MONTHS
OCT-DEC
1979
OCT-DEC
1978
INCREASE OR DECREASE
$
MN.
MN.
3 MN.
&
DOMESTIC EXPORTS
16 245
11 953
+ 4 292 +35.9
/RE_EXPORTS