XN000022-1991-11-22 — Page 7

FRIDAY, NOVEMBER 22, 1991

IN THE THIRD QUARTER OF 1991, DOMESTIC EXPORTS SHOWED VIRTUALLY NO CHANGE IN REAL TERMS OVER THE SAME QUARTER LAST YEAR. THIS FOLLOWED AN INCREASE OF 2% IN BOTH THE FIRST AND THE

SECOND

QUARTERS.

THE MODEST PERFORMANCE OF DOMESTIC EXPORTS SHOULD, HOWEVER, VIEWED

THE CONCURRENT SUBSTANTIAL AGAINST ALONG WITH THE CONTINUED EXPANSION OF OUTWARD ACROSS THE BORDER.

BE

INCREASE

IN

RE-EXPORTS PROCESSING ACTIVITIES

EXTERNAL ALSO, THE SLOW-DOWN WAS PARTLY DUE TO A REDUCTION IN

OF HONG

THE KONG'S PRODUCTS AS COMPETITIVENESS

HONG KONG DOLLAR APPRECIATED ALONG WITH THE U.S. DOLLAR EARLIER IN THE YEAR, AND PARTLY DUE TO THE SLACK DEMAND IN THE UNITED STATES ECONOMY,

THE PERFORMANCE OF DOMESTIC EXPORTS TO THE MARKETS

DOMESTIC EXPORTS TO CHINA CONTINUED WAS MIXED.

ON MARKED INCREASE.

THE OTHER HAND, DOMESTIC EXPORTS RECORDED A SIGNIFICANT DECLINE.

VARIOUS MAJOR

то

A ΤΟ JAPAN

SHOW

DECREASES TO VARYING DEGREES WERE ALSO RECORDED FOR DOMESTIC EXPORTS ΤΟ THE UNITED STATES, THE UNITED KINGDOM

REPUBLIC OF GERMANY.

MARKET,

AND

THE

FEDERAL

ALTHOUGH THE UNITED STATES WAS STILL HONG KONG'S LARGEST 26% ITS SHARE IN THE TOTAL VALUE OF DOMESTIC EXPORTS FELL TO IN THE FIRST NINE MONTHS IN 1991, FROM 30% IN THE SAME PERIOD IN 1990.

THE GROWTH RATE OF RE-EXPORTS REMAINED STRONG, AT ABOUT 30% REAL TERMS IN THE THIRD QUARTER OF 1991 OVER A YEAR EARLIER.

IN

THAN

AS RE-EXPORTS CONTINUED TO INCREASE AT A MUCH FASTER RATE

то FURTHER, DOMESTIC EXPORTS, THEIR SHARE IN THE TOTAL EXPORTS ROSE

PERIOD IN 69% IN THE FIRST NINE MONTHS OF 1991 FROM 64% IN THE SAME 1990.

QUARTER,

RE-EXPORTS

THIRD TO CHINA CONTINUED TO SURGE IN THE SUPPORTED BY THE EXPANSION OF OUTWARD PROCESSING ACTIVITIES ACROSS THE BORDER AND BY AN IMPROVED DEMAND FOR IMPORTS IN CHINA. CHINA ORIGIN ALSO GREW MARKEDLY.

IN THE

RE-EXPORTS OF

THE

RE-

FIRST NINE MONTHS OF THIS YEAR, CHINA REMAINED LARGEST MARKET FOR, AS WELL AS THE LARGEST SOURCE OF, HONG KONG'S

THE TOTAL RE- ACCOUNTING FOR 29% AND 59% RESPECTIVELY OF EXPORTS, EXPORT VALUE.

IMPORTS

QUARTER RAPID GROW, BY

THIRD ROSE BY ABOUT 22% IN REAL TERMS IN THE

ΤΟ THE OVER

ALTHOUGH THIS WAS MAINLY DUE EARLIER. A YEAR INCREASE IN RE-EXPORTS, RETAINED IMPORTS ALSO CONTINUED TO ABOUT 10% IN REAL TERMS OVER THE SAME PERIOD.

AMONG THE VARIOUS END-USE CATEGORIES, RETAINED IMPORTS OF FUELS RECORDED THE FASTEST INCREASE, BY ABOUT 35% IN REAL TERMS, FOLLOWED BY RETAINED IMPORTS OF CAPITAL GOODS, BY ABOUT 24% IN REAL TERMS.

A VISIBLE TRADE SURPLUS OF $5,121 MILLION WAS RECORDED IN THIRD QUARTER OF 1991, EQUIVALENT TO 2.5% OF THE VALUE OF IMPORTS.

THE

/THE CORRESPONDING