XN000022-1984-01-26 — Page 2

THURSDAY, JANUARY 26, 1984

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EXTERNAL TRADE VALUE SHOWS BIG GROWTH

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THE TOTAL VALUE OF EXTERNAL TRADE (COMPRISING DOMESTIC EXPORTS, RE-EXPORTS AND IMPORTS) EXPANDED RAPIDLY IN 1983 COMPARED WITH 1982, ACCORDING TO THE PROVISIONAL TRADE FIGURES PUBLISHED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.

FOR 1983 AS A WHOLE, THE VALUE OF DOMESTIC EXPORTS INCREASED BY 26 PER CENT OR $21 374 MILLION TO REACH $104 406 MILLION.

THE VALUE OF RE-EXPORTS ROSE BY 27 PER CENT OR $11 944 MILLION TO $56 297 MILLION,

TAKING DOMESTIC EXPORTS AND RE-EXPORTS TOGETHER, THE VALUE OF TOTAL EXPORTS, AT $160 703 MILLION, WAS 26 PER CENT OR $33 318 MILLION HIGHER THAN IN 1982.

THE VALUE OF IMPORTS REACHED $175 444 MILLION IN 1983, AN INCREASE OF 23 PER CENT OR $32 551 MILLION. THE VISIBLE TRADE DEFICIT FOR 1983, AT $14 741 MILLION, WAS THUS SMALLER THAN THAT

IN 1982, AT $15 508 MILLION.

AS THE GROWTH RATE OF THE VALUE OF TOTAL EXPORTS WAS HIGHER THAN THAT OF IMPORTS, THE VISIBLE TRADE GAP, THAT IS THE PROPORTION OF THE VALUE OF IMPORTS NOT COVERED BY THAT OF TOTAL EXPORTS, NARROWED TO 8.4 PER CENT IN 1983, FROM 10.9 PER CENT IN 1982.

A COMPARISON OF THE DECEMBER 1983 FIGURE WITH THE DECEMBER 1982 FIGURE SHOWS THE VALUE OF TOTAL EXPORTS WAS 33 PER CENT OR $4 254 MILLION HIGHER. THIS OVERALL INCREASE WAS MADE UP OF AN INCREASE OF 30 PER CENT OR $2 531 MILLION FOR DOMESTIC EXPORTS AND AN INCREASE OF 38 PER CENT OR $1 723 MILLION FOR RE-EXPORTS. THE VALUE OF IMPORTS, ON THE OTHER HAND, WAS 35 PER CENT OR $ 880 MILLION HIGHER. AS A RESULT, THE VISIBLE TRADE GAP IN DECEMBER 1983 WAS 9.4 PER CENT, COMPARED WITH 8.2 PER CENT IN DECEMBER 1982.

COMMENTING ON THESE COMPARATIVE FIGURES, A GOVERNMENT SECRETARIAT SPOKESMAN SAID THAT THE GROWTH RATES OF TOTAL EXPORTS AND OF IMPORTS HAD ACCELERATED SINCE THE SECOND QUARTER OF 1983 AS THE ECONOMIES OF HONG KONG'S MAIN MARKETS, IN PARTICULAR THE UNITED STATES, IMPROVED. THE DEPRECIATION OF THE HONG KONG DOLLAR DURING THE FIRST NINE MONTHS OF 1983 ALSO ENHANCED HONG KONG'S EXTERNAL COMPETITIVENESS. HE ADDED THAT THE SHORT-TERM EXPORT PROSPECTS REMAIN ENCOURAGING.

THE FOLLOWING