8
FRIDAY, AUGUST 25, 1989
OVER THE SAME PERIOD, THE VALUE OF IMPORTS GREW BY $59,262 MILLION OR 22. 3 PER CENT, TO $325,347 MILLION.
A VISIBLE TRADE DEFICIT OF $9,658 MILLION, EQUIVALENT TO 3.0 PER CENT OF THE VALUE OF IMPORTS, WAS RECORDED IN THE FIRST SEVEN MONTHS OF 1989. THIS COMPARES WITH A DEFICIT OF $9,036 MILLION, EQUIVALENT TO 3.4 PER CENT OF THE VALUE OF IMPORTS, RECORDED IN THE FIRST SEVEN MONTHS OF 1988.
COMMENTING ON THESE FIGURES, A GOVERNMENT SECRETARIAT SPOKESMAN SAID THAT THE MODERATE GROWTH RATE OF DOMESTIC EXPORTS IN RECENT
MONTHS
WAS LARGELY ATTRIBUTABLE TO A SLACKENING OF DEMAND FOR HONG KONG'S PRODUCTS IN THE MAJOR OVERSEAS MARKETS.
·
THE APPRECIATION OF THE HONG KONG DOLLAR, IN LINE WITH THE U.S. DOLLAR, AGAINST OTHER MAJOR CURRENCIES EARLIER THIS YEAR MIGHT HAVE ALSO AFFECTED THE GROWTH RATE. ON THE OTHER HAND, THE CONTINUED SURGE IN RE-EXPORTS WAS DERIVED FROM CONVENTIONAL ENTREPOT TRADE AS WELL FROM THE OUTWARD PROCESSING ACTIVITIES IN CHINA.
THE SPOKESMAN ADDED THAT THE VALUE OF RETAINED IMPORTS FELL JULY OVER A YEAR EARLIER. THIS SUGGESTED THAT THE GROWTH IN DEMAND WAS CONTINUING TO SLACKEN.
AS
IN
DOMESTIC
THE FOLLOWING TABLE PRESENTS THE PROVISIONAL MERCHANDISE TRADE FIGURES FOR JULY 1989.
MERCHANDISE:
DOMESTIC EXPORTS
RE-EXPORTS
TOTAL EXPORTS
IMPORTS
TRADE BALANCE
COMPARATIVE FIGURES
$21,104 MILLION
$31,431 MILLION
$52,535 MILLION
$48,723 MILLION $3,812 MILLION
[IN SURPLUS ]
MAY 89 TO
MAY 88 TO
INCREASE
LATEST 3 MONTHS
JUL 89 HK$ MN.
JUL 88 HK$ MN.
HK$ MN.
DOMESTIC EXPORTS
RE-EXPORTS
57,755
89,330
55,529
67,792
2,226
4.0
21,538
31.8
TOTAL EXPORTS
IMPORTS
TRADE BALANCE
147.085
123,321
23,764
19.3
147,396
127, 137
20,259
15.9
-311
-3,816
3,505
JULY
SAME MONTH LAST YEAR
1989
HK$ MN.
JULY 1988 HK$ MN.
INCREASE
HK MN.
DOMESTIC EXPORTS
21,104
20,135
969
4.8
(% OF TOTAL EXPORTS }
(40.2%)
(45.6%)
RE-EXPORTS
31,431
23,975
7,456
31.1
TOTAL EXPORTS
52.535
44.110
8.425
19.1
IMPORTS
48,723
44,394
4,329
9.8
TRADE BALANCE
3,812
-284
4,096
/LAST MONTH .............