Total exports and imports of goods showed strong year-on-year increases in March, as the value of total exports soared 13.9% over a year earlier to $162.9 billion, after a 28.2% rise in February.

The Census & Statistics Department said within the total, the value of re-exports rose 14.5% to $153.2 billion in March, while the value of domestic exports increased 4.5% to $9.7 billion.

The value of imports of goods rose 15.4% over a year earlier to $178 billion, after a year-on-year increase of 33.3% in February.

A trade deficit of $15.1 billion, about 8.5% of the value of imports of goods, was recorded in March. This was larger than the corresponding deficit of $11.1 billion, equivalent to 7.2% of the value of imports of goods, recorded in March, 2003.

Merchandise exports remain vibrant

Merchandise exports remained vibrant on the back of a generally favourable global economic environment and continued surge in intra-regional trade. 

Exports to many East Asian constituent economies, including the Mainland, South Korea, Taiwan, Malaysia and Singapore, registered further sharp increases in March. Exports to the European Union continued to display double-digit growth. Exports to the US picked up further, having reverted to an increase in February.

The further rise in retained imports in March signified continued strength in domestic demand.

Exports up 13% in first quarter

For the first quarter of 2004, the value of total exports of goods rose markedly, by 13% over the same period last year.

Within this total, the value of re-exports surged 14%, but the value of domestic exports fell 0.6%. At the same time, the value of imports of goods also rose 15.7%.

A trade deficit of $33.7 billion, equivalent to 7.2% of the value of imports of goods, was recorded in the first quarter. This was larger than the corresponding deficit of $20.1 billion, equivalent to 5% of the value of imports of goods, recorded in the same period in 2003.

Comparing the first quarter this year with the fourth quarter of 2003 on a seasonally adjusted basis, the value of total exports of goods rose 4.5%.

Within this total, the value of re-exports rose 5%, while the value of domestic exports fell 1.4%. Meanwhile, the value of imports of goods rose 4.8%.