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SCMP Reporter

In tandem with Mexico's long-awaited economic recovery, two-way trade with Hong Kong is defying the crisis and surging towards an all-time high.

 Business in the first five months was up by 66 per cent in both directions, leap-frogging the Latin American nation from 40th to 32nd in the trading partner rankings.

  Mexico's exports are being spurred by booming sales of computers and telecom equipment, now the biggest earners.

   Last year, the computer business accounted for one per cent of Mexico's sales to the SAR, worth US$2.4 million. But, between January and May, computer exports shot up to $29 million, capturing 25 per cent share of all sales.

  Telecom exports have soared from $140,000 last year to $16.5 million in the first five months of this year.

  The hi-tech explosion, attributable to the opening of several Hong Kong manufacturing plants in Mexico, has displaced reinforced iron and steel bars at the top of the export rankings.

  With sales up by only three per cent, the former top earner now sits in third place.

   Meanwhile, the regional financial crisis appears to have dampened sales of Mexico's best-known products in the SAR - Corona and Sol beer.

  Sales almost doubled last year to more than $6.5 million. But the momentum has slowed so far this year and sales are up by only 11 per cent. Still, Mexican beer remains on target to break the $7 million mark by year's end.

  Hong Kong's export successes are in the familiar fields of telecom equipment like cellular phones, toys, travel apparel, radios and watches.

 Imports of consumer goods are up by about 40 per cent in recent months, fuelling fears of an inflationary consumer boom. The strong peso explains the surge, although exporters are paying the price.



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South China Sea

SURGE IN TWO-WAY TRADE FIGURES DEFIES REGIONAL MONETARY CRISIS