The value of total goods exports, comprising re-exports and domestic exports, rose 14.1% in September compared with the same month last year to $179.7 billion, after a year-on-year increase of 20.9% in August.

Within this total, the value of re-exports rose 14.8% to $168.1 billion, while the value of domestic exports grew 4.2% to $11.6 billion. Concurrently, the value of goods imports rose 14.8% $186.2 billion, after a year-on-year increase of 21.6% in August.

A visible trade deficit of $6.5 billion, equivalent to 3.5% of the value of goods imports, was recorded in the month. This was larger than the corresponding deficit of $4.6 billion, equivalent to 2.9% of the value of goods imports, recorded in September last year.

9 months of export growth

For the first nine months of 2004, the value of total goods exports rose 16.1% over the same period last year. Within this total, the value of re-exports grew 17.2%, and the value of domestic exports rose 1.7%.

Concurrently, the value of goods imports rose 18.8%. A visible trade deficit of $82.8 billion, equivalent to 5.3% of the value of goods imports, was recorded in the first nine months of 2004. This was larger than the corresponding deficit of $40.9 billion, equivalent to 3.1% of the value of goods imports recorded in the same period last year.

Comparing the three-month period ending September with the preceding three months on a seasonally adjusted basis, the value of total goods exports rose 0.3%. Within this total, the value of re-exports grew 0.3%, while the value of domestic exports rose 0.9%. Meanwhile, the value of goods imports dropped 1.4%.

Merchandise exports remained vibrant, attaining further double-digit growth in September, for eight months straight. The regional export boom continued to underpin the robust growth, with exports to most East Asian markets sustaining double-digit increases.

Exports to the Mainland and South Korea were particularly distinct, while those to the European Union also remained strong. Yet exports to the US were still relatively subdued, conceivably under the impact of the on-going structural shift towards offshore trade.