The value of total exports of goods, comprising re-exports and domestic exports, rose 15.8% in December over the same month a year earlier to $156.7 billion, distinctly faster than the year-on-year increase of 9% in November.

Within this total, the value of re-exports rose 16.9% to $145.2 billion, while the value of domestic exports also grew 3.6% to $11.5 billion.

Concurrently, the value of imports of goods rose 17.9% to $168.2 billion, also appreciably faster than the year-on-year increase of 13.8% in November.

A visible trade deficit of $11.5 billion, equivalent to 6.8% of the value of imports of goods, was also recorded. This was much larger than the corresponding deficit of $7.3 billion, equivalent to 5.1% of the value of imports of goods, recorded in December 2002.

For 2003 as a whole, the value of total exports of goods rose markedly, by 11.7%.  Within this total, the value of re-exports surged 13.4%, whereas the value of domestic exports shrank 7.1%.

Concurrently, the value of imports of goods also increased significantly, by 11.5%. A visible trade deficit of $63.3 billion, equivalent to 3.5% of the value of imports of goods, was recorded in 2003.

This compared with the corresponding deficit of $58.9 billion, equivalent to 3.6% of the value of imports of goods, in 2002.

Comparing the fourth quarter of 2003 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose 7.4%. Within this total, the value of re-exports grew 8%, while the value of domestic exports fell by 0.9%.

Meanwhile, the value of imports of goods grew 9.9%.

Merchandise exports accelerated distinctly to a marked growth in December, the fastest since January last year.

The pick-up in December occurred notwithstanding an already much elevated base of comparison in December 2002, when total exports of goods had a robust double-digit increase.

Exports to the region were the key driver for the distinct pick-up in December, with pronounced increases seen in most of the East Asian markets.

Goods exported to the Mainland remained buoyant, and exports to the European Union also accentuated to double-digit growth. Exports to the US, having declined for eight months in a row, also grew.

Retained imports remained on a distinct upsurge in December, boosted by the continued upturn in demand in the economy.