Hong Kong's total exports are set to rise 12 percent this year, surpassing a previous forecast of 7 percent, the Hong Kong Trade Development Council said Thursday.

It follows a 15 percent rise in total exports during the first half of 2004, mainly driven by a 16 percent expansion of re-exports.

Total exports amounted to 926.3 billion HK dollars (118.8 US dollars), expanding in major markets like the Chinese mainland with 19 percent, the European Union with 14 percent and the United States with 5 percent.

The council's Chief Economist Edward Leung said weakness in the US dollar, which has enabled Hong Kong to compete more vigorously with other manufacturers, and the world economic upturn, which is helping boost trade across the globe, are factors for the higher than anticipated growth.

Leung expected Hong Kong exports will continue to fare well for the rest of this year and next, although the current upturn in the world economy may have peaked in the first half of this year.

Source: Xinhua