XN000022-1982-01-29 — Page 4

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FRIDAY, JANUARY 29, 1982

PROVISIONAL TRADE FIGURES FOR DECEMBER 1981

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THE CENSUS AND STATISTICS DEPARTMENT TODAY PUBLISHED THE PROVISIONAL TRADE FIGURES FOR HONG KONG'S VISIBLE TRADE IN DECEMBER 1981. THE VALUE OF TOTAL EXPORTS FOR DECEMBER WAS $11 700 MILLION, MADE UP OF DOMESTIC EXPORTS AT $7 798 MILLION AND RE-EXPORTS AT $3 902 MILLION, WITH IMPORTS AT $13 017 MILLION, THE VISIBLE TRADE DEFICIT FOR DECEMBER WAS $1 317 MILLION.

FOR THE YEAR 1981 AS A WHOLE, THE VALUE OF TOTAL EXPORTS WAS $122 181 MILLION, MADE UP OF DOMESTIC EXPORTS OF $80 439 MILLION AND RE-EXPORTS OF $41 742 MILLION. WITH IMPORTS AT $138 393 MILLION, THE VISIBLE TRADE DEFICIT FOR 1981 WAS $16 212 MILLION,

COMPARED WITH 1980, THERE WERE THE FOLLOWING INCREASES BY VALUE: $12 269 MILLION OR 18 PER CENT FOR DOMESTIC EXPORTS, $11 670 MILLION OR 38.8 PER CENT FOR RE-EXPORTS, $23 939 MILLION OR 24.4 PER CENT FOR TOTAL EXPORTS AND $26 743 MILLION OR 24 PER CENT FOR IMPORTS. THE VISIBLE TRADE GAP, THAT IS THE PROPORTION OF THE VALUE OF IMPORTS NOT COVERED BY THE VALUE OF TOTAL EXPORTS WAS 11.7 PER CENT ($16 212 MILLION) IN 1981, SLIGHTLY LESS THAN THE 12 PER CENT ($13 409 MILLION) RECORDED IN 1980.

COMMENTING ON THESE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT THE OVERALL PICTURE PAINTED BY THE VISIBLE TRADE ACCOUNT IN 1981 AS A WHOLE IS IMPRESSIVE ON FOUR COUNTS.

FIRSTLY, THE GROWTH RATE OF DOMESTIC EXPORTS WAS RAPID DESPITE THE GENERALLY UNFAVOURABLE ECONOMIC CONDITIONS IN HONG KONG'S MAIN MARKETS.

SECONDLY, THE RE-EXPORT TRADE HAS CONTINUED TO EXPAND CONFIRMING THE IMPORTANCE OF HONG KONG AS AN ENTREPOT FOR THE REGION AS A WHOLE AND FOR CHINA IN PARTICULAR, THIRDLY, THE GROWTH RATE OF TOTAL EXPORTS WAS FASTER THAN THAT OF IMPORTS AND SO FOURTHLY, THE VISIBLE TRADE +GAP+ NARROWED.

THE SPOKESMAN ADDED THAT THE VISIBLE TRADE ACCOUNT SHOWED IMPROVEMENT THROUGHOUT THE YEAR. IN THE FOURTH QUARTER IN PARTICULAR, THE GROWTH RATE OF TOTAL EXPORTS, AT 24.6 PER CENT, WAS SIGNIFICANTLY HIGHER THAN THE GROWTH RATE OF IMPORTS, AT 18.3 PER CENT. THE VISIBLE TRADE +GAP+ IN THE FOURTH QUARTER OF 1981 AT 9.7 PER CENT WAS MUCH SMALLER THAN IN THE CORRESPONDING QUARTER OF 1980, AT 14.3 PER CENT.

THE SPOKESMAN CAUTIONED, HOWEVER, THAT THE SHARP SLOWING DOWN IN THE GROWTH RATE OF IMPORTS IN THE FOURTH QUARTER OF 1981 INCLUDED A SLOWING DOWN IN THE GROWTH RATE OF IMPORTS OF RAW MATERIALS AND SEMI-MANUFACTURES, WHICH MAY HAVE IMPLICATIONS FOR HONG KONG'S EXPORT PERFORMANCE IN THE COMING MONTHS.

COMPARING THE FIGURES FOR DECEMBER 1981 WITH THOSE FOR DECEMBER 1980, THERE WERE THE FOLLOWING INCREASES BY VALUE: $1 528 MILLION OR 24.4 PER CENT FOR DOMESTIC EXPORTS, $782 MILLION OR 25.1 PER CENT FOR RE-EXPORTS, $2 310 MILLION OR 24.6 PER CENT FOR TOTAL EXPORTS AND $1 711 MILLION OR 15.1 PER CENT FOR IMPORTS. THE VISIBLE TRADE +GAP+ WAS 10.1 PER CENT IN DECEMBER 1981, COMPARED WITH 16.9 PER CENT IN DECEMBER 1980.