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The value of domestic exports, at $20.8 billion, decreased by $560 million or 2.6%. Meanwhile, the value of imports increased by $15.1 billion or 13% to $131.3 billion.
As the value of total exports in October 1995 was smaller than that of total imports, a visible trade deficit of $8.3 billion, equivalent to 6.4% of the value of imports, was recorded.
This was nevertheless still substantially smaller than the peak figures of $21.3 billion and 17.4% recorded in April this year.
In the first 10 months of 1995, the value of total exports grew by 16% over the same period last year. Among this, the value of re-exports rose by 19%, while that of domestic exports increased by 6.1%.
The value of imports showed an increase of 21%. Over the same period, a visible trade deficit of $122.4 billion, equivalent to 9.9% of the value of imports, was recorded.
Commenting on the latest trade figures, a government spokesman said a relatively slower growth in total exports together with a continued rapid increase in retained imports, by 15% in value terms in October over a year earlier, contributed to a widening of the visible trade deficit in October as compared to September.
However, it was noteworthy that the increase in retained imports comprised mainly a larger intake of raw materials and capital goods for production, construction and business operation. This was helpful to economic performance.
The table annexed presents the external trade figures in October 1995.
A more detailed analysis of Hong Kong's external trade for October 1995, by commodity and country, will be released in mid-December.