Hong Kong Economic & Financial Round-up
Overview
HONG KONG ECONOMY
Issue No. 11/92
In September, the performance of re-exports remained robust while domestic exports rose slightly. Imports continued to rise significantly.
2.
After a temporary easing in the early part of this year, the labour market tightened up somewhat in recent months. On the price front, consumer price inflation edged up in September, mainly due to an unusually rapid increase in vegetable prices and higher public housing rentals. The relapse was not widespread, however, as price increases in other CPI components were relatively stable.
3.
Local money market interest rates firmed up during October. The market exchange rate of the Hong Kong dollar against the US dollar moved within a narrow range. The overall exchange value of the Hong Kong dollar, as indicated by the effective exchange rate index, rose slightly during October.
4.
Local share prices showed a strong rally in October, boosted by the settlement of the PRC-USA Section 301 issue and the positive economic implications of the Fourteenth Congress meeting of the Chinese Communist Party.
External trade
5.
Re-exports rose sharply by 28.4% in value terms in September over a year earlier, following an increase of 29.1% in August. The value of domestic exports showed a slight increase of 2.9% in September, having risen by 2.3% in the preceding month. Meanwhile, the value of imports increased by 23.9%. The corresponding increase in August was 18.9%.
6.
In real terms, re-exports registered a substantial growth of 30% in the first eight months of 1992 over a year earlier, while domestic exports increased slightly by 1%. Over the same period, imports rose markedly by 22%.
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HONG KONG GOVERNMENT OFFICE
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