Re-exports jump, with China key trading partner
RE-EXPORTS rose to command more than 80 per cent of the value of all Hong Kong exports in the first half of the year.
About 81 per cent of the value of exports are in goods being re-exported from Hong Kong, while re-exports make up 39 per cent of all trade by the territory.
In same period of 1993, the figures were 78 per cent and 38 per cent respectively.
Government figures released yesterday also give details of source and destination of re-exports and a breakdown of industrial classification of all exports during the second quarter.
For re-exports, China continued to be the key trading partner for Hong Kong.
Out of $428.3 billion in goods passing through the territory, 88 per cent, or $378.4 billion, involved China, in either direction.
Goods originating in China accounted for 56 per cent of re-export value while as a destination its share was 35 per cent.
Japan, Taiwan and the United States were next in ranking for sources of re-exports, with total values of $58.3 billion, $33.88 billion and $20.68 billion respectively.
The values went up by 10.2 per cent each for Japan and Taiwan and up by 17.4 per cent for the US.
The three most important destinations for re-exported goods were the US, Japan and Germany, with figures of $90.1 billion, $23.36 billion and $19.37 billion respectively.
Re-exports to the US grew in value by 15.4 per cent while rises of 24.8 per cent and six per cent were recorded by Japan and Germany.
Figures for re-export by commodity show the impact on Hong Kong trade of China's huge spending programme on telecommunications infrastructure.
Re-exports of telecommunications equipment were up by 62 per cent, or $4.4 billion.
Re-exports to China of plastics also shot up, by 35 per cent, or $2.3 billion.
Decreases were shown in specialised machinery and non-ferrous metals, which were down 25 per cent and 11 per cent respectively.
For re-exports to the US, significant increases were recorded in the telecommunications and sound recording equipment sector, where re-exports were up by 55 per cent, or $3.4 billion, and the miscellaneous articles sector, which includes sporting goods, where value was up by $2.3 billion, or 12 per cent.
Decreases in re-export values to the US were recorded in clothing, down 12 per cent, or $1.5 billion, and non-ferrous metals, down 27 per cent, or $40 million.
Meanwhile, domestic exports were dominated by four major industry groups: textiles, clothing, machinery, equipment, apparatus, parts and components, and consumer electronics.
These four areas accounted for 68 per cent of total domestic exports in the second quarter.
Exports of clothing were up by one per cent to $9.3 billion in the quarter compared with the same period a year ago.
Machinery and parts exports grew by nine per cent, to $8.3 billion.
At the same time, exports of textiles dropped by three per cent, to $10.9 billion, and those of consumer electronics by six per cent, to $8.1 billion.
Exports of chemicals were up by 11 per cent, or $194 million, and exports of food rose by $115 million, or 23 per cent.
Marked changes were recorded on the value of exports of plastic products and professional optical products, which were down $189 million, or 13 per cent, and $91 million, or two per cent, respectively.