XN000022-1991-02-28 — Page 5

THURSDAY, FEBRUARY 28, 1991

THE VALUE OF IMPORTS ROSE BY $19,569 MILLION OR 47.6% OVER LAST YEAR, TO $60,661 MILLION IN JANUARY 1991.

A

EXPORTS, THE

AS THE VALUE OF IMPORTS WAS LARGER THAN THAT OF TOTAL VISIBLE TRADE DEFICIT OF $2,464 MILLION, EQUIVALENT TO 4.1% OF VALUE OF IMPORTS, WAS RECORDED IN JANUARY 1991.

THIS COMPARES WITH A SURPLUS OF $3,506 MILLION, EQUIVALENT ΤΟ 8.5% OF THE VALUE OF IMPORTS, RECORDED IN JANUARY 1990.

PUTTING THE TRADE FIGURES FOR JANUARY IN PERSPECTIVE, THE VALUE OF TOTAL EXPORTS IN THE THREE MONTHS ENDING JANUARY 1991 AMOUNTED ΤΟ $179,753 MILLION, MADE UP OF DOMESTIC EXPORTS OF $61,266 MILLION AND RE-EXPORTS OF $118,487 MILLION.

COMPARED WITH THE SAME PERIOD A YEAR EARLIER, TOTAL KXPORTS GREW BY $36,195 MILLION OR 25.2% IN VALUE TERMS, WITH DOMESTIC EXPORTS RISING BY $5,301 MILLION OR 9.5% AND RE-EXPORTS BY $30,894 MILLION OR 35.3%.

OVER THE SAME PERIOD, THE VALUE OF IMPORTS ROSE BY $49,236 MILLION OR 36.5%, TO $184,115 MILLION.

IN THE THREE MONTHS ENDING JANUARY 1991, THERE WAS A VISIBLE TRADE DEFICIT OF $4,362 MILLION, EQUIVALENT TO 2.4% OF THE VALUE OF IMPORTS. THIS COMPARES WITH A SURPLUS OF $8,679 MILLION, EQUIVALENT TO 6.4% OF THE VALUE OF IMPORTS, RECORDED IN THE SAME PERIOD A YEAR EARLIER.

COMMENTING ON THE JANUARY TRADE FIGURES, A GOVERNMENT SPOKESMAN POINTED OUT THAT THE RESPECTIVE GROWTH RATES, WHILST APPEARING IMPRESSIVE, COULD HAVE BEEN DISTORTED TO SOME EXTENT BY THE TIMING THE LUNAR NEW YEAR HOLIDAYS. COMPARISONS MADE OVER THE FIRST QUARTER AS A WHOLE SHOULD BE MORE ACCURATE.

OF

ET WAS NEVERTHELESS NOTEWORTHY THAT RE-EXPORTS CONTINUED ΤΟ GROW AT A MUCH FASTER RATE THAN DOMESTIC EXPORTS.

AS REGARDS RETAINED IMPORTS, THE GROWTH RATE CONTINUED TO BE SUBSTANTIAL IN JANUARY, AT AROUND 59% IN VALUE TERMS (AFTER ADJUSTING FOR THE RE-EXPORT MARGIN).

THIS WAS THE FOURTH CONSECUTIVE MONTH IN WHICH THE YEAR-ON-YEAR GROWTH RATE IN VALUE TERMS OF RETAINED IMPORTS EXCEEDED 25%.

THE FOLLOWING TABLE PRESENTS THE PROVISIONAL TRADE FIGURES FOR JANUARY 1991.

MERCHANDISE:

DOMESTIC EXPORTS RE-EXPORTS

TOTAL EXPORTS IMPORTS

TRADE BALANCE

$19, 176 MILLION $39,021 MILLION $58,197 MILLION $60,661 MILLION $2,464 MILLION

[IN DEFICIT]

/COMPARATIVE FIGURES