TUESDAY, NOVEMBER 24, 1987
THAN
AS THE VALUE OF TOTAL EXPORTS IN OCTOBER 1987 WAS GREATER THAT OF IMPORTS, A VISIBLE TRADE SURPLUS OF $556 MILLION, EQUIVALENT TO 1.6 PER CENT OF THE VALUE OF IMPORTS, WAS RECORDED FOR THE MONTH. THE VISIBLE TRADE BALANCE FOR INDIVIDUAL MONTHS IS, HOWEVER, SUBJECT
FLUCTUATIONS. IN TO
OCTOBER 1986, A DEFICIT OF $354 MILLION, EQUIVALENT TO 1.3 PER CENT OF THE VALUE OF IMPORTS, WAS RECORDED.
PUTTING THE MONTH'S TRADE FIGURES INTO CONTEXT, THE VALUR OF TOTAL EXPORTS FOR THE FIRST 10 MONTHS OF 1987 WAS $305,485 MILLION, MADE UP OF DOMESTIC EXPORTS OF $159,327 MILLION AND RE-EXPORTS OF $146,158 MILLION.
COMPARED WITH THE SAME PERIOD IN 1986, THE VALUE OF TOTAL EXPORTS GREW BY $84,095 MILLION OR 38.0 PER
CENT, THAT OF DOMESTIC EXPORTS BY $35,581 MILLION OR 28.8 PER CENT, AND THAT OF RE-EXPORTS BY $48,514 MILLION OR 49.7 PER CENT. OVER THIS PERIOD, THE VALUE OF IMPORTS GREW BY $82,424 MILLION OR 37.1 PER CENT, TO $304,865 MILLION.
A SMALL CUMULATIVE VISIBLE TRADE SURPLUS OF $620 MILLION, EQUIVALENT TO 0.2 PER CENT OF THE VALUE OF IMPORTS, WAS RECORDED IN THE FIRST 10 MONTHS OF 1987. THIS COMPARES WITH A DEFICIT OF $1,051 RECORDED MILLION, EQUIVALENT TO 0.5 PER CENT OF THE VALUE OF IMPORTS, IN THE SAME PERIOD IN 1986.
COMMENTING ON THESE FIGURES A GOVERNMENT SECRETARIAT SPOKESMAN SAID THE RAPID GROWTH IN DOMESTIC EXPORTS IN RECENT MONTHS WAS MAINLY ATTRIBUTABLE TO THE SUSTAINED DEMAND FOR AND RELATIVE COMPETETIVENESS OF HONG KONG'S PRODUCTS IN THE MAJOR OVERSEAS MARKETS. ON THE SUPPLY SIDE, IT REFLECTED THE FLEXIBILITY AND EFFICIENCY OF THE MANUFACTURING SECTOR IN COPING WITH DEMAND WHEN RESOURCES WERE TIGHT.
THE SPOKESMAN SALD THAT THE CONTINUED RAPID GROWTH IN RE-EXPORTS WAS MAINLY DUE TO THE FLOURISHING ENTREPOT TRADE WITH CHINA. IN ITS POSITION BOTH AS A SOURCE AND AS A MARKET FOR HONG KONG'S RE-EXPORTS.
HE ADDED THAT THE SUSTAINED GROWTH IN IMPORTS WAS PARTLY A REFLECTION OF THE GROWTH IN DOMESTIC DEMAND, BUT ALSO SUGGESTED THAT EXPORT PERFORMANCE WAS LIKELY TO REMAIN SATISFACTORY FOR THE REST OF THE YEAR.
THE GENERALLY SLOWER GROWTH RATES OF THE TRADE AGGREGATES RECORDED IN OCTOBER 1987 WERE PARTLY A RESULT OF THE HIGH BASE OF COMPARISON IN THE SAME MONTH LAST YEAR.
THE FOLLOWING TABLE PRESENTS THE PROVISIONAL
TRADE FIGURES FOR OCTOBER 1987.
MERECHANDISE
MERCHANDISE:
DOMESTIC EXPORTS : $18,188 MILLION
RE-EXPORTS
$17,082 MILLION
TOTAL EXPORTS
$35,270 MILLION
IMPORT'S
TRADE BALANCE
$34,714 MILLION
556 MILLION | IN SURPLUS |
/COMPARATIVE FIGURES