-
10 -
External trade figures for February 1997
In February 1997, the value of Hong Kong's imports showed a notable increase over a year earlier, while that of re-exports registered only a marginal increase. Domestic exports continued to decline on a year-on-year basis.
These are shown in the external trade figures for February 1997 released today (Wednesday) by the Census and Statistics Department.
The value of total exports (comprising re-exports and domestic exports) in February 1997 decreased by 1.5% over a year earlier to $89.1 billion. Within total exports, the value of re-exports increased marginally by 0.3% to $76.5 billion, but the value of domestic exports decreased by 11% to $12.6 billion.
The value of imports increased by 6.6% in February 1997 over a year earlier to $102.3 billion.
As the value of total exports in February 1997 was smaller than that of total imports, a visible trade deficit of $13.2 billion, equivalent to 13% of the value of imports, was recorded. This was larger than the corresponding deficit of $5.6 billion, equivalent to 5.8% of the value of imports, in February 1996.
In the first two months of 1997, the value of total exports dropped by 1.0% over the same period last year. Amongst this, the value of re-exports rose by 0.6%, while that of domestic exports decreased by 10%. The value of imports showed an increase of 3.4%. Over the same period, a visible trade deficit of $25.6 billion, equivalent to 11% of the value of imports, was recorded. This was larger than the deficit of $15.6 billion, equivalent to 6.9% of the value of imports, recorded in the first two months of 1996.
Commenting on the latest trade figures, a Government spokesman said that export performance in the first two months of 1997 remained under the influence of the strong US dollar. Also, the earlier dispute with the US on the quota for textiles and clothing exports could have continued to dampen these domestic exports. Meanwhile, reflecting a stronger domestic demand, the value of retained imports showed a marked increase of 8.7% over a year earlier.
The table annexed presents the external trade figures in February 1997.
A more detailed analysis of Hong Kong's external trade for February 1997, by commodity and country, will be released in mid-April 1997.