XN000022-1997-04-29 — Page 6

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The value of total exports (comprising re-exports and domestic exports) in March 1997 increased by 9.1% over a year earlier to $105.5 billion. Within total exports, the value of re-exports increased by 10.2% to $90.7 billion while the value of domestic exports increased by 2.9% to $14.8 billion.

The value of imports increased by 6.0% in March 1997 over a year earlier to $128.1 billion.

As the value of total exports in March 1997 was smaller than that of total imports, a visible trade deficit of $22.6 billion, equivalent to 18% of the value of imports, was recorded. This was smaller than the corresponding deficit of $24.1 billion, equivalent to 20% of the value of imports, in March 1996.

In the first quarter of 1997, the value of total exports increased by 2.2% over the same quarter last year. Amongst this, the value of re-exports rose by 3.7% while that of domestic exports decreased by 6.1%. The value of imports showed an increase of 4.3%. Over the same period, a visible trade deficit of $48.2 billion, equivalent to 13% of the value of imports, was recorded. This was larger than the deficit of $39.8 billion, equivalent to 11% of the value of imports, recorded in the first quarter of 1996.

Commenting on the latest trade statistics, a Government Secretariat spokesman said that exports registered a better performance in March. In particular, re-exports showed a markedly accelerated increase than in January and February while domestic exports rebounded to positive growth after declining continuously in the past 10 months. However, this distinct pick-up was related in part to a low base of comparison in March 1996. Meanwhile, retained imports recorded a faster growth in the first quarter of 1997, by 5.4% in value terms over a year earlier. This was in line with the more intensive domestic demand.

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