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For the first five months of 1996 as a whole, the value of total exports grew by 6.4% over the same period last year. Within this total, the value of re-exports rose by 8.9%, while that of domestic exports decreased by 5.9%. The value of imports showed an increase of 4.7%.
In the first five months of 1996, a visible trade deficit of $68.7 billion, equivalent to 11% of the value of imports, was recorded. This was smaller than the deficit of $73.7 billion, equivalent to 13% of the value of imports, recorded in the same period last year.
Commenting on the latest trade figures, a government spokesman said the more modest performance shown up in the year-on-year comparison for the trade aggregates in May 1996 was affected to a considerable extent by the high base of comparison in May 1995.
In May 1995, both re-exports and domestic exports recorded large increases, by 27% and 13% respectively; taken together, total exports rose by 25%.
Meanwhile, reflecting the continued adjustment to the large inventory build-up last year, retained imports fell further, by 12% over a year earlier.
A more detailed analysis of Hong Kong's external trade for May 1996, by commodity and country, will be released in mid-July 1996.