Rise in overseas demand stimulates Hong Kong exports

14:54, May 13, 2010      

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Thanks to the high overseas demand, Hong Kong's exports and imports saw robust growth in the first quarter of 2010.

Pan Yongcai, chief assistant economist of Hong Kong Trade Development Council (HKTDC), said there are visible signs of revival. Many economies suffering from the world recession are beginning to recover due to ample funding policy support and inventory supplements.

He suggested that under the lasting low-interest situation, sufficient liquidity will constantly support the high price of assets for some economic systems, further boosting market spending and business confidence.

The recovery in overseas demand exceeded expectations, causing Hong Kong exports to grow 26 percent in the first quarter of this year. Sales increased by 40 percent in the mainland market, which was a major force driving the growth of exports.

According to analysis from the census and statistics department, the overall export value of goods from Hong Kong to other Asian regions grew 44.4 percent over the same period of March 2010. The three countries where exports increased the fastest were: Malaysia, which saw 54.3 percent growth, South Korea, 51.4 percent and India, 50.3 percent.

Moreover, excluding Asia countries, Hong Kong's overall export value of goods also saw increases in other parts of the world, including 24 percent increase in exports to the Netherlands and 4.5 percent growth in the United States.

Stimulated by high overseas demand, Hong Kong has achieved 28.5 percent growth in the overall export value of goods in February 2010, which amounted to 231.8 billion HKD. This is a 32.1 percent increase over the corresponding period of last year in March 2010.

On the other hand, Hong Kong has also achieved 22.4 percent growth of overall import value of goods in February and 270.6 billion HKD, which amounts to a 39.8 percent increase over the same period of last year in March.

The overall export and import value of goods in the first quarter of 2010 grew 26 percent and 34.3 percent, respectively, over the same period of last year. Compared with the fourth quarter of 2009, Hong Kong has achieved 10 percent growth of overall export value of goods, with a visible trade deficit amounting to 88.2 billion HKD, which represents 12.2 percent of the import value of goods.

By People's Daily Online


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