XN000022-1982-07-29 — Page 7

THURSDAY, JULY 29, 1982

PROVISIONAL TRADE FIGURES FOR JUNE 1982

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THE CENSUS AND STATISTICS DEPARTMENT TODAY (THURSDAY) PUBLISHED THE PROVISIONAL TRADE FIGURES FOR HONG KONG'S VISIBLE TRADE IN JUNE 1982.

THE VALUE OF TOTAL EXPORTS FOR JUNE WAS $10 404 MILLION, MADE UP OF DOMESTIC EXPORTS OF $6 953 MILLION AND RE-EXPORTS OF 3 451 MILLION.

WITH IMPORTS AT $11 714 MILLION, THE VISIBLE TRADE DEFICIT FOR JUNE WAS 31 310 MILLION.

THE VALUE OF TOTAL EXPORTS FOR THE FIRST HALF OF 1982 WAS $59 260 MILLION, MADE UP OF DOMESTIC EXPORTS OF $37 838 MILLION AND RE-EXPORTS OF $21 422 MILL FON. WITH IMPORTS AT $68 742 MILLION, THE VISIBLE TRADE DEFICIT FOR THE FIRST HALF OF 1982 WAS 39 482 MILLION.

COMPARED WITH THE FIRST HALF OF 1981, THE VALUE OF TOTAL EXPORTS INCREASED BY $4 120 MILLION OR 7 PER CENT COMPRISING INCREASES OF $2 234 MILLION OR 6 PER CENT FOR DOMESTIC EXPORTS AND $1 886 MILLION OR 10 PER CENT FOR RE-EXPORTS.

THE VALUE OF IMPORTS INCREASED BY $3 122 MILLION OR 5 PER CENT.

AS THE GROWTH RATE OF THE VALUE OF TOTAL EXPORTS WAS FASTER THAN THAT OF IMPORTS, THE VISIBLE TRADE +GAP+ (THAT IS THE PROPORTION OF THE VALUE OF IMPORTS NOT COVERED BY THE VALUE OF TOTAL EXPORTS) NARROWED TO 14 PER CENT IN THE FIRST HALF OF THIS YEAR, COMPARED WITH 16 PER CENT IN THE FIRST HALF OF 1981.

COMMENTING ON THE FIGURES, A GOVERNMENT SPOKESMAN SAID THAT EXPORTS IN THE FIRST HALF OF THIS YEAR REFLECTED THE GENERALLY DEPRESSED ECONOMIC CONDITIONS IN HONG KONG'S MAIN MARKETS. ALTHOUGH THE GROWTH RATE OF THE VALUE OF DOMESTIC EXPORTS AT 6 PER CENT WAS LOW BY HISTORICAL EXPERIENCE, HE POINTED OUT THAT HONG KONG'S PERFORMANCE STILL COMPARED FAVOURABLY WITH ITS MAIN REGIONAL COMPETITORS. HE ADDED THAT THE DOMESTIC EXPORT SECTOP APPEARED WELL POISED TO BENEFIT FROM THE RECOVERY FORECAST FOR THE ECONOMIES OF HONG KONG'S MAIN MARKETS LATER THIS YEAR.

CONCERNING THE SLOWING DOWN IN THE GROWTH RATE OF THE VALUE OF IMPORTS FROM 26 PER CENT IN THE FIRST HALF OF 1981 TO 5 PER CENT IN THE FIRST HALF OF THIS YEAR, THE SPOKESMAN SAID THAT IT WAS IN PART A REFLECTION OF THE CONTINUING DECLINE IN THE GROWTH RATE OF RE-EXPORTS IN VALUE TERMS FROM 48 PER CENT IN THE CORRESPONDING PERIOD OF LAST YEAR TO 10 PER CENT. ACCORDING TO THE DETAILED BREAKDOWN OF IMPORT STATISTICS BY END-USE CATEGORIES AVAILABLE UP TO MAY, RETAINED IMPORTS OF CAPITAL GOODS, RAW MATERIALS AND SEMI-MANUFACTURES DID NOT SEEM TO HAVE PICKED UP YET.

WHILE THE GROWTH RATE OF RETAINED IMPORTS OF CAPITAL GOODS IN VALUE TERMS SLOWED DOWN FROM 23 PER CENT IN THE FIRST HALF OF LAST YEAR TO 3 PER CENT, THAT OF RAW-MATERIALS AND SEMI- MANUFACTURES IN VALUE TERMS DECELERATED FROM 9 PER CENT IN THE CORRESPONDING PERIOD OF 1981 TO RECORD ZERO GROWTH IN THE FIRST HALF OF THIS YEAR. FURTHER, AS CONSUMER DEMAND WAS NOT STRONG IN THE FIRST HALF OF THIS YEAR, THE GROWTH RATE OF RETAINED IMPORTS OF CONSUMER GOODS IN VALUE TERMS ALSO DECREASED FROM 33 PER CENT IN THE FIRST HALF OF A YEAR AGO TO 2 PER CENT. THEY TOGETHER WERE RESPONSIBLE FOR THE NARROWING OF THE VISIBLE TRADE +GAP+.