The values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases in September 2004, according to the Census and Statistics Department.

The figure released Tuesday shows that in September, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.1 percent over a year earlier to 179.7 billion HK dollars (23 billion US dollars), after a year-on-year increase of 20.9 percent in August.

Within this total, the value of re-exports increased by 14.8 percent to 168.1 billion HK dollars (21.6 billion US dollars) in September 2004, while the value of domestic exports increased by 4.2 percent to 11.6 billion HK dollars (1.49 billion US dollars).

Concurrently, the value of imports of goods increased by 14.8 percent over a year earlier to 186.2 billion HK dollars (23.9 billion US dollars) in September 2004, after a year-on-year increase of 21.6 percent in August.

A visible trade deficit of 6.5 billion HK dollars (0.8 billion US dollars), equivalent to 3.5 percent of the value of imports of goods, was recorded in September 2004. This was larger than the corresponding deficit of 4.6 billion HK dollars (0.58 US dollars), equivalent to 2.9 percent of the value of imports of goods, recorded in September 2003.

For the first nine months of 2004 as a whole, the value of total exports of goods rose by 16.1 percent over the same period in 2003.

Within this total, the value of re-exports increased by 17.2 percent, and the value of domestic exports went up by 1.7 percent. A visible trade deficit of 82.8 billion HK dollars (10.6 billion US dollars), equivalent to 5.3 percent of the value of imports of goods, was recorded in the first nine months of 2004. This was larger than the corresponding deficit of 40.9 billion HK dollars (5.2 billion US dollars), equivalent to 3.1 percent of the value of imports of goods, recorded in the same period in 2003.

Comparing the third quarter of 2004 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 0.3 percent. Within this total, the value of re-exports increased by 0.3 percent, while the value of domestic exports went up by 0.9 percent. Meanwhile, the value of imports of goods decreased by 1.4 percent.

A government secretariat spokesman noted that merchandise exports remained vibrant, attaining double-digit growth for the eighth month in a row in September 2004.

"The regional export boom continued to underpin the robust growth, with exports to most East Asian markets sustaining double-digit increases in September. Exports to the mainland and the Republic of Korea were particularly distinct. Exports to the European Union also remained strong."

"Yet exports to the United States were still relatively subdued, conceivably under the impact of the on-going structural shift towards offshore trade," said the spokesman.