In August, the value of total goods exports rose 12.7% over a year earlier to $205.9 billion, after a year-on-year increase of 8.1% in July, the Census & Statistics Department says.

Within this total, the value of re-exports rose 12.4% to $191.8 billion in August, while the value of domestic exports increased 16.9% to $14.1 billion. 

In the same period, the value of goods imports increased 12.9% over a year earlier to $209.9 billion, after a year-on-year increase of 6.5% in July. A visible trade deficit of $3.9 billion, equivalent to 1.9% of the value of imports of goods, was recorded in August.

For the first eight months as a whole, the value of total goods exports rose 11.3% over the same period in 2004. Within this total, the value of re-exports increased 12.1%, while the value of domestic exports dropped  1.9%. 

Goods imports' value grows 9.3%

The value of goods imports increased 9.3%. A visible trade deficit of $58.1 billion, or 3.9% of the value of goods imports, was recorded in the first eight months.

Comparing the three-month period ending August with the preceding three months on a seasonally adjusted basis, the value of total goods exports rose 5.1%. Within this total, the value of re-exports increased 4.6%, while the value of domestic exports went up 13.8%. The value of goods imports rose  4%.

In August, increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+27.7%), Taiwan (+18%), the mainland of China (+15.7%), the Republic of Korea (+12.9%) and Germany (+11.7%). 

Increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+89%), Japan (+69.1%), Australia (+50.1%), the Mainland (+30.6%) and Germany (+17.9%).

Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+36.3%), Thailand (+28.8%), the Mainland (+19.2%), the Philippines (+14.7%) and Taiwan (+13.5%).

External trade expected to grow solidly

The Census & Statistics Department said Hong Kong's external trade is expected to continue to grow solidly in the rest of 2005, supported by the global economy's continued expansion and the Mainland's strong trade flows.

However, surging oil prices and higher interest rates in the US may increasingly weigh on the global and regional demand, which in turn may contain Hong Kong's exports' growth, it said.