External trade figures for February
In February 1996, re-exports registered an increase over a year earlier, while domestic exports and imports fell. These are shown in the external trade figures for February released today (Friday) by the Census and Statistics Department.
The value of total exports (comprising re-exports and domestic exports) increased by 6.7% over a year earlier to $90.4 billion in February 1996.
Within total exports, the value of re-exports increased by 8.9% to $76.2 billion in February this year. The value of domestic exports decreased by 3.9% to $14.2 billion.
Meanwhile, the value of imports decreased by 3.7% over a year earlier to $96 billion in February 1996.
As the value of total exports in February 1996 was smaller than that of total imports, a visible trade deficit of $5.6 billion, equivalent to 5.8% of the value of imports, was recorded. This was significantly smaller than the corresponding deficit of $14.9 billion, equivalent to 15% of the value of imports, in February 1995.
Commenting on the latest trade figures. a government spokesman said the trade figures usually displayed greater volatility in the first two months of the year.
The modest year-on-year declines in domestic exports and imports were likely to have been affected by the different timing of the Lunar New Year Holidays in 1995 and 1996.
In January, domestic exports and imports rose by 4.5% and 24% respectively in value terms over a year earlier. It should be more meaningful to make comparisons for January and February combined.
In the first two months of 1996, the value of total exports grew by 13% over the same period last year. Among this, the value of re-exports rose by 16%, while that of domestic exports increased by 0.7%. The value of imports showed an increase of 11%.
Over the same period, a visible trade deficit of $15.6 billion, equivalent to 6.9% of the value of imports, was recorded. This was smaller than the deficit of $18.5 billion, equivalent to 9.1 % of the value of imports, recorded in the first two months of 1995.
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