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Hong Kong External Trade Rebounds in February
Hong Kong's total exports and imports of goods rebounded in February 2001 following the slack performance in January, according to the external merchandise trade figures released Monday by the Census and Statistics Department of Hong Kong.
The value of total exports of goods increased by 10.1 percent over a year earlier to 104.8 billion HK dollars (13.4 billion US dollars) in February.
Within this total, the value of re-exports rose by 12.6 percent to 93.8 billion HK dollars (12 billion US dollars), while the value of domestic exports fell by 7.6 percent to 10.9 billion HK dollars (1.4 billion US dollars).
The value of imports of goods increased markedly, by 19.9 percent over a year earlier to 122.4 billion HK dollars (15.7 billion US dollars) in February.
A visible trade deficit of 17.6 billion HK dollars (2.3 billion U.S. dollars), equivalent to 14.4 percent of the value of imports of goods, was recorded in February. This was larger than the corresponding deficit of 6.9 billion HK dollars (884 million US dollars), equivalent to 6.7 percent of the value of imports of goods, recorded in February 2000.
A government secretariat spokesman pointed out that the sharp rebound in total exports of goods in February 2001 was due at least in part to the difference in timing of the Lunar New Year holidays, which fell in January this year but in February last year.
Yet taking the first two months of 2001 together, total exports of goods still had a modest growth, though already slower than the growth during 2000 upon the recent setback in global demand, the spokesman added.
As to imports of goods retained for local use, there was a further solid growth of 7 percent in the first two months of 2001 combined, indicating continued domestic demand, the spokesman said.
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