In July, the value of total exports of goods increased 7.6% over a year earlier to $157.6 billion, after a year-on-year increase of 14% in June.

Within this total, the value of re-exports increased 9.1% to $145.3 billion, but the value of domestic exports fell 7.1% to $12.2 billion.

The value of imports of goods rose 5.6% to $159.9 billion, after a year-on-year increase of 11.5% in June.

This was mostly due to a larger fall in exports to the US. Exports to the European Union, though still showing quite a significant rise, slowed. 

Import intake for local use fell again in July 2003, as local demand at the time had yet to return to normal.

Matching the fall in imports for local use against the rise in total exports, the visible trade deficit narrowed in July to $2.3 billion, equivalent to 1.4% of the value of goods imports.

This was considerably smaller than the corresponding deficit of $5 billion, equivalent to 3.3% of the value of goods imports recorded in the same month in 2002.

For the first seven months of 2003 as a whole, the value of total exports of goods rose markedly, by 13.5% over the same period in 2002. Within this total, the value of re-exports surged 15.8%, but the value of domestic exports shrank 10.2%.

The value of imports of goods also increased significantly, by 12.1%. A visible trade deficit of $35.3 billion, equivalent to 3.6% of the value of imports of goods, was recorded in the first seven months of 2003. This was smaller than that of $42.3 billion in the same period last year.

Comparing the three-month period ending July with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose 3.8%.

Within this total, the value of re-exports rose 3.6%, while the value of domestic exports went up 6.6%. Meanwhile, the value of imports of goods increased 1.4%.