XN000022-1980-12-27 — Page 2

SATURDAY, DECEMBER 27, 1980

PROVISIONAL TRADE FIGURES FOR NOVEMBER 1980

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PROVISIONAL TRADE FIGURES PUBLISHED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT SHOWED THAT THE VALUE OF TOTAL EXPORTS FOR NOVEMBER 1980 WAS $8 827 MILLION, MADE UP OF DOMESTIC EXPORTS AT $5 893 MILLION AND RE-EXPORTS AT $2 933 MILLION. WITH IMPORTS AT $10 901 MILLION, THE VISIBLE TRADE DEFICIT FOR NOVEMBER WAS $2 074 MILLION.

COMPARED WITH THE SAME MONTH IN 1979, THE FOLLOWING INCREASES BY VALUE WERE RECORDED: $556 MILLION, OR 10 PER CENT FOR DOMESTIC EXPORTS- $931 MILLION OR 47 PER CENT FOR RE-EXPORTS= $1 488 MILLION OR 20 PER CENT FOR TOTAL EXPORTS AND $2 669 MILLION OR 32 PER CENT FOR IMPORTS.

IN NOVEMBER THIS YEAR, THE VISIBLE TRADE +GAP+, THAT IS THE PROPORTION OF THE VALUE OF IMPORTS NOT COVERED BY THE VALUE OF TOTAL EXPORTS, WAS 19 PER CENT ($2 074 MILLION) IN NOVEMBER 1979, THE +GAP+ WAS 11 PER CENT ($893 MILLION).

COMMENTING ON THE NOVEMBER TRADE FIGURES, A GOVERNMENT SPOKESMAN SAID THE NORMAL SEASONAL PATTERN OF HONG KONG'S MERCHANDISE TRADE IS SUCH THAT FAIRLY LARGE SHIPMENTS OF IMPORTS ARRIVE IN THE LAST QUARTER OF A YEAR, SOON AFTER DOMESTIC EXPORTS FOR SATISFYING CHRISTMAS DEMAND IN HONG KONG'S MAJOR MARKETS HAVE BEEN SHIPPED OUT. IN CONSEQUENCE THE VISIBLE TRADE +GAP+ INEVITABLY WIDENS.

IN 1979, THIS OCCURRED IN OCTOBER WHEN THE VISIBLE TRADE +GAP+ WIDENED FROM 8 PER CENT IN SEPTEMBER THAT YEAR TO 14 PER CENT. THIS YEAR, THE LARGE IMPORT SHIPMENTS DID NOT ARRIVE UNTIL NOVEMBER AND THIS IS THE REASON WHY THE VISIBLE TRADE +GAP+ WIDENED FROM 6 PER CENT IN OCTOBER TO 19 PER CENT IN NOVEMBER.

USING THREE MONTH AVERAGES TO AVOID THE DISTORTION CAUSED BY THE TIMING OF IMPORT SHIPMENTS, THE SPOKESMAN SAID, THE VISIBLE TRADE +GAP+ FOR THE THREE MONTH PERIOD SEPTEMBER TO NOVEMBER THIS YEAR WAS 11 PER CENT WHICH WAS THE SAME AS THAT FOR SEPTEMBER TO NOVEMBER 1979.

HE FURTHER POINTED OUT THAT, USING THE SAME COMPARISON, THE GROWTH RATE OF THE VALUE OF IMPORTS AT 24 PER CENT WAS THE SAME AS THAT FOR TOTAL EXPORTS WHICH WAS MADE UP OF A GROWTH RATE OF 13 PER CENT FOR DOMESTIC EXPORTS AND 56 PER CENT FOR RE-EXPORTS.

COMPARING THE FIGURES FOR THE FIRST 11 MONTHS OF THIS YEAR WITH THOSE FOR THE SAME MONTHS OF 1979, DOMESTIC EXPORTS HAVE INCREASED IN VALUE BY 23 PER CENT, RE-EXPORTS BY 49 PER CENT, TOTAL EXPORTS BY 30 PER CENT AND IMPORTS BY 29 PER CENT.

THE VISIBLE TRADE +GAP+ FOR THE FIRST 11 MONTHS OF THIS YEAR WAS SLIGHTLY OVER 11 PER CENT, WHILE THAT FOR THE FIRST 11 MONTHS OF 1979 WAS SLIGHTLY LESS THAN 12 PER CENT.

/THE FOLLOWING