XN000022-1985-01-25 — Page 4

FRIDAY, JANUARY 25, 1985

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PROVISIONAL TRADE FIGURES FOR DECEMBER 1984

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THE TOTAL VALUE OF EXTERNAL TRADE (COMPRISING DOMESTIC EXPORTS, RE-EXPORTS AND IMPORTS) EXPANDED RAPIDLY IN 1984 COMPARED WITH 1983, ACCORDING TO THE PROVISIONAL TRADE FIGURES FOR DECEMBER 1984 PUBLISHED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.

FOR 1984 AS A WHOLE, THE VALUE OF DOMESTIC EXPORTS INCREASED BY 32 PER CENT, OR $33 545 MILLION, TO REACH $137 950 MILLION. THE VALUE OF RE-EXPORTS ROSE BY 48 PER CENT, OR $27 210 MILLION, TO $83 504 MILLION. TAKING DOMESTIC EXPORTS AND RE-EXPORTS TOGETHER, THE VALUE OF TOTAL EXPORTS, AT $221 454 MILLION, WAS 38 PER CENT OR $60 755 MILLION HIGHER THAN IN 1983.

THE VALUE OF IMPORTS REACHED $223 346 MILLION IN 1984, REPRESENTING AN INCREASE OF 27 PER CENT OR $47 904 MILLION" OVER 1983. THE VISIBLE TRADE DEFICIT FOR 1984, AT $1 892 MILLION, WAS MUCH SMALLER THAN THAT RECORDED IN 1983, AT $14 743 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 SIGNIFICANTLY TO 0.9 PER CENT IN 1984, FROM 8.4 PER CENT IN 1983.

COMPARING DECEMBER 1984 FIGURES WITH THOSE FOR DECEMBER 1983, THE VALUE OF TOTAL EXPORTS WAS 22 PER CENT OR $3 766 MILLION HIGHER. THIS OVERALL INCREASE WAS MADE UP OF AN INCREASE OF 9 PER CENT OR $965 MILLION FOR DOMESTIC EXPORTS AND AN INCREASE OF 45 PER CENT OR $2 801 MILLION FOR RE-EXPORTS. THE VALUE OF IMPORTS, ON THE OTHER HAND, WAS 11 PER CENT OR $1 981 MILLION HIGHER. AS A RESULT. THE VISIBLE TRADE ACCOUNT RECORDED A SURPLUS OF $1 MILLION IN DECEMBER 1984. COMPARED WITH A VISIBLE TRADE DEFICIT OF $1 784 MILLION IN DECEMBER 1983.

COMMENTING ON THESE COMPARATIVE FIGURES, A GOVERNMENT SECRETARIAT SPOKESMAN SAID THAT THE VALUE OF DOMESTIC EXPORTS GREW VERY RAPIDLY IN THE FIRST HALF OF 1984, BY 45 PER CENT COMPARED WITH THE FIRST HALF OF 1983. HOWEVER, REFLECTING THE SLOWING DOWN IN THE GROWTH RATE OF THE UNITED STATES ECONOMY SINCE MID-YEAR AND THE APPRECIATION OF THE HONG KONG DOLLAR AGAINST THE CURRENCIES OF MANY EUROPEAN COUNTRIES, THE YEAR-ON- YEAR GROWTH RATE OF THE VALUE OF DOMESTIC EXPORTS SLOWED DOWN TO 23 PER CENT IN THE SECOND HALF.

THE FOLLOWING TABLE PRESENTS THE PROVISIONAL MERCHANDISE TRADE FIGURES FOR DECEMBER 1984:

/TRADE FIGURES