The value of total service exports rose 5.9% to $355.2 billion in 2003 over 2002, while that of imports grew 1.1% to $201.8 billion, resulting in an invisible trade surplus of $153.4 billion, equal to 76% of the total value of service imports.

This was larger than the corresponding surplus of $135.7 billion, or 68% of the total value of service imports, in 2002.

The Census & Statistics Department released today the trade in services statistics for 2003. Growth in Hong Kong's service exports moderated, as the setback caused by the SARS outbreak weighed heavily on inbound tourism and related passenger transportation services.

But offshore trade held up remarkably well, helping service exports to register a solid growth for the year as a whole.

Offshore trade buoys service exports

Analysed by major service group, offshore trade and other trade-related services was the largest group of service exports, accounting for 36.7%. This was followed by transportation (30.3%), travel (15.6%), finance (6.2%) and insurance (0.9%), and 10.3% for other services.

As to service imports, travel accounted for 44.2%, followed by transportation (25.9%), offshore trade and other trade-related services (7.9%), finance (2.6%), and insurance (2.4%), and 17% for other services.

Offshore trade and other trade-related services contributed most significantly to the overall invisible trade surplus, at $114.2 billion, followed by transportation ($55.4 billion), finance ($16.8 billion), and other services ($2.3 billion).

These were partly offset by the deficits recorded for travel, at $33.6 billion, and insurance, at $1.8 billion.

Analysed by main destination/source, the Mainland and the US were the largest destinations for service exports, accounting for 28.8% and 20.9%. These were followed by Japan (7.2%), Taiwan (7.1%), and the UK (5.4%).

The Mainland and the US were also the largest sources of service imports, accounting for 28.8% and 16.3%. These were followed by Japan (7.7%), the UK (6.7%), and Australia (6.2%).

For service exports, Asia was the most important destination in offshore trade and other trade-related services, accounting for 46%, followed by North America (30.7%), Western Europe (19.6%), Australasia and Oceania (1.1%), and Central and South America (1.1%).

57.8% insurance service exports to Asia

As to finance, North America was the most important destination, accounting for 39.5%. This was followed by Asia (28.3%), Western Europe (25.5%), Central and South America (5.1%), and Australasia and Oceania (1.3%).

Asia was the most important destination for insurance, accounting for 57.8%, followed by Western Europe (29.3%), North America (6.9%), Central and South America (4.5%), and Australasia and Oceania (1.4%).

For exports of other services, Asia was the most important destination, accounting for 55.4%, followed by North America (21.9%), Western Europe (16.5%), Central and South America (2.8%), and Australasia and Oceania (2.3%).

For service imports, Asia was the largest source in transportation, accounting for 55.9%, followed by North America (18.4%), Western Europe (14.7%), Australasia and Oceania (5.7%), and Central and South America (0.6%).

For insurance, North America was the largest source, accounting for 45.4%, followed by Asia (28.4%), Western Europe (20.2%), Central and South America (4.5%), and Australasia and Oceania (0.6%).

Asia was the largest source for finance, accounting for 43.5%, followed by Western Europe (30.2%), North America (23.1%), Australasia and Oceania (2.5%), and Central and South America (0.5%).