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Merchandise exports remain vibrant in first two months

27
Mar '08

The Census and Statistics Department (C&SD) released March 27 the external merchandise trade statistics for February 2008. In February 2008, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 7.6% and 11.9% respectively.

As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year Holidays, it is useful to analyse the trade figures for these two months taken together.

Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods rose by 12.1% over the same period in 2007. Within this total, the value of re-exports increased by 12.5%, while the value of domestic exports increased by 0.9%.

Concurrently, the value of imports of goods increased by 14.6%. A visible trade deficit of $23.3 billion, equivalent to 5.2% of the value of imports of goods, was recorded in the first two months of 2008.

In February 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.6% over a year earlier to $184.4 billion, after a year-on-year increase of 15.8% in January 2008. Within this total, the value of re-exports increased by 7.8% to $178.1 billion in February 2008, while the value of domestic exports increased by 1.1% to $6.3 billion.

Concurrently, the value of imports of goods increased by 11.9% over a year earlier to $200.2 billion in February 2008, after a year-on-year increase of 16.9% in January 2008. A visible trade deficit of $15.8 billion, equivalent to 7.9% of the value of imports of goods, was recorded in February 2008.

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