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Exports to Asia grow by 3.3%

25
Apr '08
The Census and Statistics Department (C&SD) released April 24 the external merchandise trade statistics for March 2008. In March 2008, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 7.6% and 6.6% respectively.

In March 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.6% over a year earlier to $222.5 billion, at the same rate of year-on-year increase as recorded in February 2008. Within this total, the value of re-exports increased by 7.9% to $215.0 billion in March 2008, whereas the value of domestic exports decreased by 1.0% to $7.5 billion.

Concurrently, the value of imports of goods increased by 6.6% over a year earlier to $250.7 billion in March 2008, after a year-on-year increase of 11.9% in February 2008. A visible trade deficit of $28.1 billion, equivalent to 11.2% of the value of imports of goods, was recorded in March 2008.

For the first quarter of 2008 as a whole, the value of total exports of goods rose by 10.5% over the same period in 2007. Within this total, the value of re-exports increased by 10.9%, while the value of domestic exports increased by 0.3%.

Concurrently, the value of imports of goods increased by 11.6%. A visible trade deficit of $51.5 billion, equivalent to 7.4% of the value of imports of goods, was recorded in the first quarter of 2008.

Comparing the first quarter of 2008 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.0%. Within this total, the value of re-exports increased by 2.1%, whereas the value of domestic exports went down by 0.6%. Meanwhile, the value of imports of goods remained virtually unchanged in the first quarter of 2008.

Analysis by country/territory:
Comparing March 2008 with March 2007, exports to Asia as a whole grew by 3.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+83.7%), Singapore (+28.5%), Vietnam (+25.0%), Malaysia (+17.9%) and Thailand (+11.8%).


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