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External trade figures for March
In March 1996, both re-exports and domestic exports registered decreases over a year earlier, while imports fell marginally. These are shown in the external trade figures for March released today (Friday) by the Census and Statistics Department.
The value of total exports (comprising re-exports and domestic exports) decreased by 7.5% over a year earlier to $96.7 billion in March 1996. Within total exports, the value of re-exports decreased by 5.3% to $82.3 billion. The value of domestic exports decreased by 19% to $14.4 billion. Meanwhile, the value of imports decreased by 0.7% over a year earlier to $120.8 billion in March 1996.
As the value of total exports in March 1996 was smaller than that of total imports, a visible trade deficit of $24.1 billion, equivalent to 20% of the value of imports, was recorded. This was larger than the corresponding deficit of $17.1 billion, equivalent to 14% of the value of imports, in March 1995.
For the first quarter of 1996 as a whole, the value of total exports grew by 5.7% over the same period last year. Within this total, the value of re-exports rose by 8.2%, while that of domestic exports decreased by 6.0%. The value of imports showed an increase of 6.4%.
In the first quarter of 1996, a visible trade deficit of $39.8 billion, equivalent to 11% of the value of imports, was recorded. This compared with the deficit of $35.6 billion, also equivalent to 11% of the value of imports, recorded in the first quarter of 1995.
Commenting on these latest trade figures, a Government spokesman said that the decline recorded for both domestic exports and re-exports was more abrupt than expected.
"Some specific factors were at work in the month of March causing the exports to fall more sharply. These could include the cold weather in North America earlier in the year leading to a slower intake of imports in that area, some deferral of imports into China pending the cut in import tariff in April, and reduced imports by Taiwan amidst the tension across the Taiwan Strait," the spokesman observed.
"Also of possible relevance was the late timing of Chinese New Year holidays and the related factory rest-days in the current year, with inactive production extending into the first few days of March," the spokesman added.