The value of total goods exports rose 14.7% in March over the same month last year, to $193.5 billion, after a year-on-year increase of 20.5% in February, the Census & Statistics Department says.

Within this total, the value of re-exports rose 13.8% to $182.8 billion, while the value of domestic exports grew 32.8%, to $10.7 billion.

In the same period, the value of goods imports rose 16% over a year earlier, to $211.7 billion in March. A visible trade deficit of $18.2 billion, or 8.6% of the value of goods imports, was recorded in March.

For the first quarter, the value of total goods exports rose 12.1% over the same period in 2005. Within this total, the value of re-exports grew 10.7%, while the value of domestic exports rose 38.7%.

In the same period, the value of goods imports soared 13.8%. A visible trade deficit of $36.9 billion, or 6.4% of the value of goods imports, was recorded in the first quarter.

Comparing the first quarter with the preceding quarter on a seasonally adjusted basis, the value of total goods exports rose 2%.

Within this total, the value of re-exports grew 2.4%, while the value of domestic exports dropped 3.4%. The value of goods imports rose 3.9%.

External trade prospects positive

The department said the strong export growth in March was characterised by a continued rise in exports to the Mainland, and an almost across-the-board pick-up in many major markets, including US, Japan, Europe and Republic of Korea. 

The near-term prospects of Hong Kong's external trade remain generally positive, as economic conditions in most of the export markets are still fairly strong.

However, the recent oil price upsurge and higher interest rates in many parts of the world have continued to cast a shadow over the global economy. How these risks would evolve to affect the demand in overseas markets is crucial to Hong Kong's export performance.