XN000022-1992-02-28 — Page 11

FRIDAY, FEBRUARY 28, 1992

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PROVISIONAL TRADE FIGURES FOR JANUARY 1992

DUE то THE INFLUENCE OF CERTAIN SPECIAL FACTORS FOR THE MONTH OF JANUARY THIS YEAR, RE-EXPORTS SHOWED NO INCREASE WHILE DOMESTIC EXPORTS DECLINED MARKEDLY WHEN COMPARED WITH JANUARY LAST YEAR.

IMPORTS ALSO FELL, ACCORDING TO THE PROVISIONAL TRADE FIGURES RELEASED TODAY (FRIDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

A GOVERNMENT SPOKESMAN POINTED OUT THAT THE TRADE FIGURES AT THE BEGINNING OF EACH YEAR TENDED TO BE VOLATILE, AND THE JANUARY FIGURES SEEN IN ISOLATION WERE UNLIKELY TO BE REPRESENTATIVE OF THE UNDERLYING TREND.

THE TIMING OF THE LUNAR NEW YEAR DISTORTED THE COMPARISON

SOMEWHAT.

LAST YEAR, THE LUNAR NEW YEAR WAS AT MID-FEBRUARY, AND PRODUCTION AND EXPORTS IN THE MONTH OF JANUARY WERE UNAFFECTED.

BUT IN THIS YEAR, PRODUCTION AND EXPORTS IN THE LATTER PART OF JANUARY WERE AFFECTED BY THE ADVANCEMENT OF THE LUNAR NEW YEAR то EARLY FEBRUARY.

ADDITIONALLY, THERE WAS AN UPSURGE IN SHIPMENTS IN DECEMBER LAST YEAR AS EXPORTERS STRIVED TO ADVANCE THEIR DELIVERIES TO THE UNITED STATES IN ORDER TO AVOID BEING HIT BY ANY POSSIBLE U.S. SPECIAL 301 ACTION ON CHINA.

EXPORTS IN JANUARY THIS YEAR WERE REDUCED AS A RESULT.

AT $39,009 MILLION, THE VALUE OF RE-EXPORTS IN JANUARY 1992 WAS VIRTUALLY UNCHANGED FROM A YEAR EARLIER.

THE VALUE OF DOMESTIC EXPORTS FELL BY $5,011 MILLION OR 26.1% то $14,165 MILLION OVER THE SAME PERIOD. TAKING RE-EXPORTS AND DOMESTIC EXPORTS TOGETHER, THE VALUE OF TOTAL EXPORTS DECLINED BY $5,023 MILLION OR 8.6% OVER A YEAR EARLIER TO $53,174 MILLION IN JANUARY.

THE VALUE OF IMPORTS ALSO DECREASED, BY $4,752 MILLION OR 7.8% TO $55,909 MILLION.

AS THE VALUE OF TOTAL EXPORTS WAS SMALLER THAN THAT OF TOTAL IMPORTS, A VISIBLE TRADE DEFICIT OF $2,735 MILLION, EQUIVALENT TO 4.9% OF THE VALUE OF IMPORTS, WAS RECORDED IN JANUARY 1992.

THE LARGER DEFICIT RELATIVE TO THE LEVEL OF IMPORTS FOR THE MONTH OF JANUARY WAS LARGELY SEASONAL.

AS A COMPARISON, THE DEFICIT RECORDED IN JANUARY 1991 WAS $2,464 MILLION, EQUIVALENT TO 4.1% OF THE VALUE OF IMPORTS.

/IN VIEW