3
The Economy
maintained an appreciable growth pace, reflecting the largely positive business sentiment and intensive public works. On the other hand, retained imports of fuels increased only slightly, conceivably reflecting in part continued energy-saving efforts. Retained imports of raw materials and semi-manufactures dropped for the third consecutive year, largely in tandem with the general sluggishness in production activity.
Exports of services fared better with 5.8 per cent growth in real terms in 2013, markedly improved from that of 2.2 per cent in 2012. Exports of travel services, driven by buoyant inbound tourism, continued to stand out as the key driver of growth. Exports of financial and other business services also picked up progressively during the year, as global economic sentiment improved in the second half of the year with acute risks from the euro debt problems and US fiscal standoff abating. However, exports of transportation and trade-related services stayed weak, both under the drag of sluggish international and regional trade flows.
Imports of services grew modestly by 1.5 per cent in real terms in 2013, following a 1.9 per cent growth in 2012. Imports of travel services attained relatively fast growth in 2013, supported by the generally favourable local consumer sentiment and income conditions as well as the weakened yen and some other Asian currencies. Imports of transportation services and trade- related services, however, shrank in 2013 in tandem with sluggish international and regional trade flows. Meanwhile, imports of financial and other business services grew modestly in 2013 (Chart 9).
Chart 9
Per cent
Hong Kong's Invisible Trade (year-on-year rate of change in real terms)
20
20
15
10
เค
0
-5
-10
-15
Exports of services
Imports of services
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009
2010
2011
2012
2013
Exports of services attained faster growth in 2013.
Given that exports of goods were constrained by an unsteady external trading environment while domestic demand stayed resilient, the visible trade deficit widened somewhat in 2013, yet was offset by an enlarged surplus in invisible trade. As a result, the combined visible and invisible trade account in 2013 was broadly in balance, with a small surplus of $22 billion (equivalent to 0.5 per cent of the total value of imports of goods and services), which was
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