5
SATURDAY, APRIL 4, 1981
CHANGES COMPARING JANUARY 1981 WITH JANUARY 1980
RE-EXPORT
RE-EXPORT
RE-EXPORT
VALUES
UNIT VALUES
VOLUMES
FOODSTUFFS
+35%
+ 7%
+26%
CONSUMER GOODS
+60%
+ 6%
+52%
FUELS
6%
+32%
-29%
RAW MATERIALS
AND SEMI-
MANUFACTURES
+70%
+13%
+51%
CAPITAL GOODS
+61%
+11%
+45%
ALL COMMODITIES
+63%
+ 9%
+49%
APART FROM FUELS, THE RE-EXPORT VOLUME OF WHICH DECLINED
BY 29 PER CENT, THE RE-EXPORT VOLUMES OF THE MAJOR END-USE CATEGORIES, SHOWED SIGNIFICANT INCREASES, RANGING FROM 26 PER CENT FOR FOODSTUFFS TO 52 PER CENT FOR CONSUMER GOODS.
....
MONEY SUPPLY AND FINANCIAL STATISTICS FOR FEBRUARY 1981
*****
THE MONEY SUPPLY AND FINANCIAL STATISTICS FOR FEBRUARY 1981 ARE PUBLISHED TODAY (SATURDAY). THEY SHOW A MARKED FALL IN THE GROWTH RATES OF THE MONEY SUPPLY ON ALL DEFINITIONS. THERE WERE TWO REASONS FOR THIS: THE GROWTH RATE OF LOANS AND ADVANCES IN HONG KONG DECLINED FROM THE VERY HIGH GROWTH RATES IN JANUARY, AND THERE WAS A FURTHER OUTFLOW OF FUNDS FROM THE HONG KONG MONETARY SECTOR DURING THE MONTH.
THE FEBRUARY FIGURES ARE INFLUENCED BY TWO IMPORTANT FACTORS. FIRST IS THE SEASONAL DECREASE AFTER THE LUNAR NEW YEAR OF THE PUBLIC HOLDINGS OF NOTES AND COINS AND, TO A LESSER EXTENT, OF THE AMOUNT OF MONEY HELD BY THE PUBLIC ON DEMAND DEPOSITS WITH BANKS.
SECOND IS THE FACT THAT INTEREST RATES HAVE REMAINED HIGH, DESPITE EXPECTATIONS THAT THEY WOULD FALL IN LINE WITH TRENDS IN US DOLLAR RATES. THIS AFFECTED THE PATTERN OF DEPOSITS AND EXERTED A DAMPENING EFFECT ON THE GROWTH RATE OF LOANS AND ADVANCES, THE LATTER DESPITE THE SEASONAL INCREASE IN THE DEMAND FOR CREDIT ARISING FROM THE NEED TO PAY PROFITS AND SALARIES TAXES.
AS THE