THURSDAY, FEBRUARY 26, 1987
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HOWEVER, TRADE FIGURES FOR THE BEGINNING MONTHS OF THE YEAR ARE NORMALLY INFLUENCED BY THE TIMING OF THE CHINESE NEW YEAR HOLIDAYS, WHICH WERE IN LATE JANUARY THIS YEAR AND MAY HAVE RESULTED IN A GROWTH RATE OF EXPORTS HIGHER THAN WOULD HAVE OTHERWISE OCCURRED.
PUTTING THE MONTH'S TRADE FIGURES INTO CONTEXT, A GOVERNMENT SPOKESMAN POINTED OUT THAT THE VALUE OF TOTAL EXPORTS FOR THE 12 MONTHS ENDING JANUARY 1987 WAS $283 494 MILLION, MADE UP OF DOMESTIC EXPORTS OF $157 506 MILLION AND RE-EXPORTS OF $125 988 MILLION.
COMPARED WITH THE 12 MONTHS ENDING JANUARY 1986, THE VALUES OF TOTAL EXPORTS, DOMESTIC EXPORTS AND RE-EXPORTS GREW BY 21.1 PER CENT, 21.9 PER CENT AND 20.1 PER CENT RESPECTIVELY. OVER THIS PERIOD, THE VALUE OF IMPORTS GREW BY 21.4 PER CENT TO $280 664 MILLION,
THE VISIBLE TRADE ACCOUNT RECORDED A SURPLUS OF $2 830 MILLION (EQUIVALENT TO 1.0 PER CENT OF THE VALUE OF IMPORTS), WHICH WAS SMALLER THAN THE SURPLUS OF $3 014 MILLION (EQUIVALENT TO 1.3 PER CENT OF THE VALUE OF IMPORTS) RECORDED IN THE PREVIOUS 12-MONTH PERIOD.
COMMENTING ON THESE FIGURES
A GOVERNMENT SECRETATIAT SPOKESMAN SAID THAT THIS STRONG GROWTH IN DOMESTIC EXPORTS WAS PARTLY ATTRIBUTABLE TO A HIGH LEVEL OF DEMAND GENERALLY FOR IMPORTS IN MANY OF HONG KONG'S MAJOR OVERSEAS MARKETS.
ANOTHER CONTRIBUTORY FACTOR WAS THE DEPRECIATION OF THE HONG KONG DOLLAR, IN LINE WITH THAT OF THE U.S. DOLLAR UNDER THE LINKED EXCHANGE RATE SYSTEM, AGAINST MOST MAJOR CURRENCIES, WHICH HAS ENHANCED THE EXTERNAL COMPETITIVENESS OF HONG KONG'S PRODUCTS.
HE POINTED OUT THAT THE VALUE OF RE-EXPORTS ALSO INCREASED SHARPLY IN JANUARY. THIS REFLECTED, IN PART, CHINA'S EFFORTS IN PROMOTING ITS EXPORTS, RESULTING IN MORE CHINESE GOODS BEING
RE-EXPORTS CHANELLED THROUGH HONG KONG TO OVERSEAS MARKETS. INTO CHINA HAS PROBABLY PICKED UP AS WELL.
IN ADDITION, THE YEAR-ON-YEAR GROWTH RATE OF EXTERNAL TRADE IN JANUARY THIS YEAR WAS AFFECTED TO SOME EXTENT BY THE LOW BASE OF COMPARISON IN JANUARY 1986.
"THE FOLLOWING