HK reports 153 bln HKD of invisible trade surplus in 2003

The value of total service exports rose 5.9 percent to 355.2 billion HK dollars (45.54 billion US dollars) in 2003 over 2002, while that of imports grew 1.1 percent to 201.8 billion HK dollars (25.81 billion US dollars), resulting in an invisible trade surplus of 153.4 billion HK dollars (19.66 billion US dollars).

According to statistics of the Census & Statistics Department released Friday, the growth in Hong Kong's service exports moderated, as the setback caused by the SARS outbreak weighed heavily on inbound tourism and related passenger transportation services.

But offshore trade held up remarkably well, helping service exports to register a solid growth for the year of 2003 as a whole.

Analyzed by major service group, offshore trade and other trade- related services was the largest group of service exports, accounting for 36.7 percent. This was followed by transportation ( 30.3 percent), travel (15.6 percent), finance (6.2 percent) and insurance (0.9 percent), and 10.3 percent for other services.

As to service imports, travel accounted for 44.2 percent, followed by transportation (25.9 percent) and offshore trade and other trade-related services (7.9 percent).

Offshore trade and other trade-related services contributed most significantly to the overall invisible trade surplus, at 114. 2 billion HK dollars (14.64 billion US dollars).

Analyzed by main destination/source, the Chinese mainland and the United States were the largest destinations for service exports, accounting for 28.8 percent and 20.9 percent respectively.

The Chinese mainland and the United States were also the largest sources of service imports, accounting for 28.8 percent and 16.3 percent respectively.

For service exports, Asia was the most important destination in offshore trade and other trade-related services, accounting for 46 percent.

As to finance, North America was the most important destination, accounting for 39.5 percent. This was followed by Asia (28.3 percent) and Western Europe (25.5 percent).

Source: Xinhua