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People's Daily Online>>China Business

Hong Kong's total exports, imports rise in October

(Xinhua)

08:52, November 25, 2011

HONG KONG, Nov. 24 (Xinhua) -- The values of Hong Kong's total goods exports and imports both recorded year-on-year increases in October, at 11.5 percent and 10.9 percent, the city's Census & Statistics Department said Thursday.

According to the released figure, the value of total goods exports, comprising re-exports and domestic exports, rose 11.5 percent over a year earlier to 305.7 billion HK dollars (about 39.2 billion U.S. dollars) in October. Within this total, the value of re-exports increased 12 percent to 300.4 billion HK dollars in October, whereas the value of domestic exports fell 12.5 percent to 5.3 billion HK dollars.

For the first 10 months of the year, the value of total exports of goods rose 11.3 percent over the same period in 2010. Within this total, the value of re-exports increased 11.6 percent, while the value of domestic exports decreased 1.7 percent.

As for the value of imports of goods, it increased by 10.9 percent over a year earlier to 328.8 billion HK dollars in October 2011. A visible trade deficit of 23.1 billion HK dollars, equivalent to 7 percent of the value of imports of goods, was recorded in the same period.

A government spokesman noted that the value of merchandise exports resumed positive year-on-year growth in October. The rebound was almost across-the-board, with particularly distinct turnaround seen in exports to the Chinese mainland. Exports to the United States, European Union and Japan also reverted to modest growth, while those to some Asian markets re-accelerated to strong double-digit increases. However, the year-on-year growth in October has to be viewed in conjunction with the relatively low base of comparison a year earlier.

The spokesman commented further that looking ahead, the external environment will continue to be clouded by the rapidly evolving eurozone sovereign debt crisis and fragile fundamentals of the advanced economies. Against this background, Hong Kong's near-term export prospect remains highly uncertain.

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