TNAG-2977-FCO40-1469-Economic-policy-in-Hong-Kong-1982 — Page 23

consequence, the visible

trade gap(2) at 6%,

·

was roughly

the same as that in the third quarter of 1981. Taking the

first nine months of this year as a whole, the gap was 11.2%,

which

represents an improvement compared with 12.4% in the

first nine months of last year.

2.10

increased by 2% during

While the prices of imports

the twelve months ending September

domestic exports rose by about

(3) terms of trade index

year from 102 a year ago.

improvement in the terms of trade reflected the relative

strength of the Hong Kong dollar against the currencies of

Hong Kong's import partners and its relative weakness against

the currencies of Hong Kong's export markets over this period (paragraph 3.11).

1982, the prices of

5%. As a consequence, the

improved to 105 in September this

Το a certain extent, this

Invisible trade

2.11

A quantitative assessment

of

of the position

invisible trade in the third quarter is not possible, given that only annual estimates of imports and exports of services

are available. While the number of incoming tourists in the

third quarter showed a year-on-year increase of 2%, the number

of Hong Kong residents touring abroad (including Macau and

China) increased by 4%. The continued growth in cargo movements (including transhipments) suggests that there might have been some increase in the net surplus on expenditure on shipping and transportation services in the third quarter.

(2) The visible trade gap is defined as the proportion of the value of

imports not covered by receipts from total exports.

(3) The terms of trade index is the ratio between the unit value index of

domestic exports and that of imports.

10