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External trade figures for July
The external trade figures for July 1996 released today (Thursday) by the Census and Statistics Department showed that re-exports accelerated in growth while domestic exports had a smaller decline. Imports also recorded some increase.
The value of total exports (comprising re-exports and domestic exports) increased by 7.9% over a year earlier to $131.9 billion in July 1996. The value of re- exports increased by 11% to $111.1 billion, while the value of domestic exports decreased by 6.1% to $20.8 billion. Meanwhile, the value of imports increased by 3.5% over a year earlier to $138.6 billion in July 1996.
As the value of total exports in July 1996 was smaller than that of total imports, a visible trade deficit of $6.6 billion, equivalent to 4.8% of the value of imports, was recorded. This was considerably smaller than the corresponding deficit of $11.6 billion, equivalent to 8.6% of the value of imports, in July 1995.
For the first seven months of 1996 as a whole, the value of total exports grew by 4.9% over the same period last year. The value of re-exports rose by 7.6%, while that of domestic exports decreased by 7.8%. The value of imports showed an increase of 3.2%.
In the first seven months of 1996, a visible trade deficit of $90.4 billion, equivalent to 10% of the value of imports, was recorded. This was smaller than the deficit of $99.7 billion, equivalent to 12% of the value of imports, recorded in the same period in 1995.
Commenting on the latest trade figures, a Government spokesman said that the export performance in July 1996 improved considerably from the weak situation in June. Of particular note was the growth rate of re-exports, which returned to a double- digit level. The visible trade deficit also narrowed significantly. On the other hand, retained imports showed a marked decline, by 8.9% in value terms in July over a year earlier.
A more detailed analysis of Hong Kong's external trade for July 1996, by commodity and country, will be released in mid-September 1996.