Hong Kong's total exports of goods up 6.9 percent in March

Hong Kong total exports of goods slowed down in March with its value gaining only 6.9 percent to 206.8 billion HK dollars (about 26.5 billion U.S. dollars) as compared to a 11.6 percent rise year-on-year rise in February, revealed the Census and Statistics Department here Thursday.

The Census and Statistics Department attributed the moderate growth of merchandise exports in March to the continued strong performance of the Chinese mainland market on the back of its vibrant domestic demand.

While the external trading environment is still largely supportive, the department said, the near-term trade prospects are subject to a range of uncertainties, including particularly the evolving situation in the U.S. economy and more recently whether the Chinese mainland will put on board further tightening measures which may dent its import demand, or introduce measures affecting exports.

Another area to watch is the exchange rate movements, the department added.

Among the total exports, the value of re-exports grew 9 percent to 199.3 billion HK dollars (25.55 billion U.S. dollars), while the value of domestic exports fell 29.1 percent to 7.6 billion HK dollars (974 million U.S. dollars).

Concurrently, the value of imports of goods rose 11.1 percent over a year earlier to 235.2 billion HK dollars (30.2 billion U.S.dollars), faster than a year-on-year rise of 1.3 percent in February.

A visible trade deficit of 28.3 billion HK dollars (3.63 billion U.S. dollars) was recorded in March, equivalent to 12 percent of the value of imports of goods.

For the first quarter of 2007 as a whole, a visible trade deficit of 40.3 billion HK dollars (5.2 billion U.S. dollars) was recorded in Hong Kong in March, equivalent to 6.4 percent of the value of imports of goods.

Source: Xinhua