XN000022-1979-03-23 — Page 4

FRIDAY, MARCH 23, 1979

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PROVISIONAL TRADE FIGURES FOR FEBRUARY, 1979

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THE CENSUS AND STATISTICS DEPARTMENT TODAY (FRIDAY) PUBLISHED THE PROVISIONAL FIGURES FOR HONG KONG'S EXTERNAL MERCHANDISE TRADE DURING FEBRUARY 1979.

THE VALUE OF DOMESTIC EXPORTS FOR FEBRUARY WAS $2,434 MILLION, IMPORTS WERE WORTH $5,602 MILLION AND RE-EXPORTS $1,303 MILLION. THE TRADE DEFICIT FOR FEBRUARY WAS $1,865 MILLION.

COMPARED WITH THE SAME-MONTH IN 1978, INCREASES, BY VALUE, OF $308 MILLION OR 14.5 PER CENT IN DOMESTIC EXPORTS, $1,692 MILLION OR 43.3 PER CENT IN IMPORTS AND $526 MILLION OR 67.6 PER CENT IN RE-EXPORTS WERE RECORDED.

COMMENTING ON THE TRADE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT IT IS ALWAYS DIFFICULT TO MAKE INTERPRETATIONS BASED ON ONE MONTH'S FIGURES, PARTICULARLY WHEN, AT THE BEGINNING OF A YEAR, THESE ARE AFFECTED BY THE TIMING OF THE CHINESE NEW YEAR.

HE POINTED OUT THAT ALTHOUGH THE TRADE DEFICIT IN FEBRUARY IS LARGE, THE AVERAGE TRADE DEFICIT FOR THE FIRST TWO MONTHS OF THIS YEAR WAS JUST OVER $1,000 MILLION. THIS AGREES WITH THE TRADE DEFICIT FIGURE IMPLICIT IN THE BUDGET SPEECH FORECAST ON THE ECONOMY.

THE VALUE OF TOTAL EXPORTS, THAT IS, DOMESTIC EXPORTS PLUS RE-EXPORTS, FOR THE FIRST TWO MONTHS THIS YEAR WAS 36.3 PER CENT HIGHER THAN THAT FOR THE CORRESPONDING MONTHS IN 1978.

THE VALUE OF IMPORTS WAS 33.7 PER CENT HIGHER. SO, TOTAL EXPORTS WERE ACTUALLY GROWING FASTER THAN IMPORTS, WHICH, THE SPOKESMAN SAID, IS AN ENCOURAGING DEVELOPMENT.

THE ORDERS ON WHICH THESE IMPORTS AND EXPORTS WERE BASED WERE PLACED MANY MONTHS BEFORE THE FINANCIAL SECRETARY (MR. PHILIP HADDON-CAVE) INTRODUCED MEASURES IN HIS BUDGET DESIGNED TO IMPROVE THE SHARE OF RESOURCES GOING TO EXPORTS.

THE FIGURES FOR THE 12-MONTH PERIOD FROM MARCH 1978 TO FEBRUARY 1979 COMPARED WITH THOSE OF THE PREVIOUS 12-MONTH PERIOD SHOWED INCREASES, BY VALUE, OF 20.7 PER CENT FOR DOMESTIC EXPORTS, 41.7 PER CENT FOR RE-EXPORTS, 25.3 PER CENT FOR TOTAL EXPORTS AND 32.5 PER CENT FOR IMPORTS,