Total services exports grew significantly, from $320.8 billion in 2001 to $483.5 billion in 2005, at an average annual growth of 10.8%, the Census & Statistics Department says.

According to the October issue of the Hong Kong Monthly Digest of Statistics released today, total services imports also increased steadily in the five-year period, from $194.2 billion to $251.8 billion - an average annual growth of 6.7%.

The department said Hong Kong has become an important centre for trade in services as the economy has undergone structural changes.

Last year saw merchanting and its related services become the single biggest group, valued at $163.5 billion. It accounted for 33.8% of the total services exports. It was followed by transportation, which amounted to $152.1 billion, or 31.5%.

Substantial surpluses

These two major service groups also brought about substantial surplus in Hong Kong's overall trade in services after netting out the total services imports.

The surpluses in trade in services grew largely from $126.6 billion in 2001 to $231.6 billion in 2005, at an average annual growth of 16.3%.

In 2005, the surpluses in trade in services had more than offset the deficits in trade in goods, resulting in an overall external trade surplus of $172.3 billion.

In terms of services exports, Hong Kong ranked 11th globally, and 4th in the Asia-Pacific region in 2005. 

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