HK's Total Export Value Up 10.3 Pct in May

The value of total exports of goods in Hong Kong rose to 238.9 billion HK dollars (30.5 billion U.S. dollars) in May, up 10.3 percent over the same month last year, the Census and Statistics Department of Hong Kong said Thursday.

Of the total, the value of re-exports grew 11.3 percent to 230. 8 billion HK dollars while the value of domestic exports fell 12 percent to 8.1 billion HK dollars.

Concurrently, the value of imports of goods rose 15.4 percent over a year earlier to 266.4 billion HK dollars in May. A visible trade deficit of 27.5 billion HK dollars, equivalent to 10.3 percent of the value of imports of goods, was recorded.

For this year's first five months as a whole, the value of total exports of goods rose 11.2 percent over the same period last year, said the department.

The department said the vibrant Chinese mainland market and other emerging markets, as well as the solid expansion of the European market, have offset the decline in exports to the U.S. market.

The department forecast the external trading environment will continue to face resistance from the slower growth of the major advanced economies, the ongoing global financial turbulence, and the negative effect on demand in Hong Kong's major markets because of high commodity prices. (One U.S. dollar = 7.813 HK dollars)

Source: CRIEnglish