XN000022-1976-03-03 — Page 2

WEDNESDAY, MARCH 3, 1976

EXPORTS UP BY NEARLY 60 PER CENT IN JANUARY ******

THE VALUE OF HONG KONG'S DOMESTIC EXPORTS FOR JANUARY 1976 ROSE BY $948 MILLION OR 58 PER CENT TO $2,582 MILLION COMPARED WITH JANUARY 1975.

ACCORDING TO PROVISIONAL TRADE FIGURES PUBLISHED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY, THE VALUE OF IMPORTS INCREASED BY 34.5 PER CENT AND THE VALUE OF RE-EXPORTS BY 41.8 PER CENT COMPARED WITH JANUARY 1975.

A SPOKESMAN FOR THE COMMERCE AND INDUSTRY DEPARTMENT, COMMENTING ON THE TRADE FIGURES, SAID THE DEPARTMENT DID NOT CONSIDER THAT THESE FIGURES REPRESENTED A TRUE GROWTH RATE.

LUNAR NEW YEAR BEGAN ON JANUARY 31, 1976 AND, IN ACCORDANCE WITH CUSTOM, MANY FACTORIES WOULD HAVE RUSHED TO COMPLETE OUTSTANDING ORDERS BEFORE THE ONSET OF THIS TRADITIONAL HOLIDAY PERIOD.

ADDITIONALLY, THE PENALTY CHARGES FOR LATE SUBMISSION OF TRADE DECLARATIONS WERE DOUBLED IN JANUARY AND SOME OF THE INCREASE IN RECORDED TRADE FOR JANUARY NO DOUBT REFLECTED MANUFACTURERS ATTEMPTS TO AVOID SUBMITTING LATE DECLARATIONS.

THE SPOKESMAN ADDED THAT BECAUSE OF THESE FACTORS IT WAS NOT EXPECTED THAT THE SAME HIGH GROWTH RATE WOULD BE MAINTAINED IN FEBRUARY.

THE FIGURES FOR THE 12-MONTH PERIOD FROM FEBRUARY 1975 TO JANUARY 1976 COMPARED WITH THOSE OF THE PREVIOUS 12-MONTH PERIOD SHOWED INCREASES, BY VALUE, OF 5.1 PER CENT FOR DOMESTIC EXPORTS, 0.6 PER CENT FOR IMPORTS AND 1.8 PER CENT FOR RE-EXPORTS.

NOTE TO EDITORS:

THE FOLLOWING TABLE WITH COMPARATIVE FIGURES IS GIVEN FOR YOUR REFERENCE:

DOMESTIC EXPORTS # $2,582 MILLION

IMPORTS

RE-EXPORTS

$3,236 MILLION

$ 730 MILLION

/COMPARATIVE