In January, the value of Hong Kong's total exports and goods imports showed only a tiny year-on-year increase.

The value of total goods exports, comprising re-exports and domestic exports, increased by just 0.2% in January over a year earlier, to $135.3 billion. That compares with a year-on-year increase of 15.8% in December 2003.

Within this total, the value of re-exports increased 1.3% to $127.1 billion in January 2004, but the value of domestic exports decreased 13.8% to $8.3 billion. 

Goods imports see only tiny increase

At the same time, the value of goods imports rose only 0.9% over a year earlier to $134.5 billion in January, compared with a year-on-year increase of 17.9% in December.

A visible trade surplus of $0.8 billion, equivalent to 0.6% of the value of imports of goods, was recorded in January. 

This was smaller than the corresponding surplus of $1.8 billion, equivalent to 1.4% of the value of goods imports, recorded in January 2003.

Comparing the three-month period ending January 2004 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased 4.9%. 

Within this total, the value of re-exports increased 5.4%, while the value of domestic exports fell 2.3%. Meanwhile, the value of imports of goods increased 7.2%.

Lunar New Year timing impact felt

The year-on-year increase in merchandise exports moderated sharply in January, after the surge in December. This may have been due mainly to the distortion caused by the difference in timing of the Lunar New Year holidays, which fell in late January this year but in early February last year.

There was a high base of comparison in January 2003 when total exports soared by 26.7%.