XN000022-1996-12-27 — Page 11

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The value of total exports (comprising re-exports and domestic exports) in November 1996 increased by 5.1% over a year earlier to $118.4 billion. The value of re-exports increased by 7% to $100.4 billion. But the value of domestic exports decreased by 4.4% to $18 billion. Meanwhile, the value of imports in November 1996 increased by 4.9% over a year earlier to $131.1 billion.

As the value of total exports in November 1996 was smaller than that of total imports, a visible trade deficit of $12.6 billion, equivalent to 9.6% of the value of imports, was recorded. The corresponding figures in November 1995 were $12.3 billion and 9.8%.

For the first eleven months of 1996 as a whole, the value of total exports grew by 4.3% over the same period last year. The value of re-exports rose by 6.9%, while that of domestic exports decreased by 8.3%. The value of imports showed an increase of 3%.

In the first eleven months of 1996, a visible trade deficit of $123 billion, equivalent to 8.8% of the value of imports, was recorded. This was smaller than the deficit of $134.7 billion, equivalent to 9.9% of the value of imports, recorded in the same period in 1995.

Commenting on the latest trade figures, a Government spokesman said that export performance in November 1996 held steady in overall terms. Although the growth in re-exports decelerated slightly, the decline in domestic exports was smaller. Meanwhile, after declining consecutively for seven months since April, retained imports posted a year-on-year increase of 1.3% in value terms in November. This suggested that the inventory adjustment process by cutting down from the high accumulation rate last year could have started to stabilise.

A more detailed analysis of Hong Kong's external trade for November 1996, by commodity and country, will be released in mid-January 1997.