September saw the value of total exports of goods rise to $238.7 billion, up 8.5% on the same month last year. The figure comes after a year-on-year rise of 7.5% in August.

Within this total, the value of re-exports rose 9.4% to $228.9 billion, while the value of domestic exports fell 10.3% to $9.8 billion.

Concurrently the value of imports of goods rose 9.3% over a year earlier to $253.5 billion, after a year-on-year rise of 9% in August.

A visible trade deficit of $14.8 billion, equivalent to 5.8% of the value of imports of goods, was recorded in September.

For the first nine months of 2007 as a whole, the value of total exports of goods rose 9.6% over the same period in 2006. Within this total, the value of re-exports grew 11.7%, whereas the value of domestic exports fell 24%.

Concurrently, the value of imports of goods grew 10.3%. A visible trade deficit of $129.3 billion, equivalent to 6.2% of the value of imports of goods, was recorded in the same period.

Mainland market

The Census & Statistics Department said the vibrant Mainland market remained the key growth driver for Hong Kong's exports.

It said some emerging markets in Asia also fared strongly, while exports to the EU saw further expansion. All these helped offset the continued softness in the US market.

It said the weakness of the US market is likely to continue in the coming quarters, in light of its protracted housing market correction and subprime mortgage problems.

The strong performance of the Mainland economy and other emerging markets, the sustained expansion of the EU market, coupled with the depreciation of the US dollar, should provide support to Hong Kong's external trade going forward.