The value of total services exports rose to $565.1 billion in 2006, up 14.1% on 2005, while imports grew 9% to $287.9 billion, resulting an invisible trade surplus of $277.2 billion, equal to 96.3% of the total value of services imports.

This was larger than the corresponding surplus of $231.2 billion, or 87.5% of the total value of service imports, in 2005.

The Census & Statistics Department released today the trade in services statistics for 2006. The department noted exports of services continued to surge in recent years, which has been testament to Hong Kong's status as an international centre for finance, trade, business and travel.

The Mainland was the largest destination of Hong Kong's exports of services. The continuing economic and financial integration between Hong Kong and the Mainland should render solid support to further expansion of trade in services, the department said.

Merchanting accounts

Merchanting and other trade-related services was the largest group of exports of services, accounting for 31.5% of the total value in 2006, followed by transportation (30.8%), travel (16%), financial (12.7%), insurance (0.6%), and other services (8.3%).

The net exports of merchanting and other trade-related services contributed most significantly to the overall invisible trade surplus at $157.3 billion in 2006, followed by transportation ($84 billion) and financial services ($56.3 billion).

Trade deficits were recorded for travel services at $18.7 billion, insurance services at $1.5 billion, and other services at $200 million.

For service imports travel services accounted for 37.9% of the total value in 2006, followed by transportation services (31.3%), merchanting and other trade-related services (7.3%), financial services (5.4%), insurance services (1.7%), and other services (16.4%).

Service exports

The Mainland was Hong Kong's major destination for service exports accounting for 24.7%, followed by the US (21.5%), the UK (8.0%), Japan (7.2%), and Taiwan (6.5%).

The Mainland was also the major sources of service imports accounting for 26.7%, followed by the US (14.9%), Japan (8.5%), the UK (7.8%), and Australia (5.7%).

For exports of services Asia was the most important destination, accounting for 50.2% of the total value in 2006, followed by North America (23.1%), Western Europe (19.4%), Australasia and Oceania (3%), and Central and South America (1.5%).

For imports of services Asia was also the most important source, accounting for 55.8% of the total value, followed by North America (17.6%), Western Europe (16.7%), Australasia and Oceania (6.3%), and Central and South America (1%).