HK's foreign trade rebound in April

HONG KONG - The values of Hong Kong's total exports and imports of goods both recorded year-on-year increases in April, at 5.6 percent and 5.0 percent respectively, the city's Census and Statistics Department said on Thursday.

In April, the value of total goods exports, comprising re-exports and domestic exports, increased by 5.6 percent over a year earlier to HK$266.3 billion?($34.32 billion), after a year-on-year decrease of 6.8 percent in March.

Within this total, the value of re-exports increased by 6.3 percent to HK$261.5 billion, whereas the value of domestic exports decreased by 20.9 percent to HK$4.7 billion.

Concurrently, the value of imports of goods increased by 5.0 percent over a year earlier to HK$309.1 billion in April, after a year-on-year decrease of 4.7 percent in March.

A visible trade deficit of HK$42.9 billion, equivalent to 13.9 percent of the value of imports of goods, was recorded in April.

For the first four months of 2012 as a whole, the value of total exports of goods rose slightly by 0.3 percent over the same period in 2011. Within this total, the value of re-exports increased by 0.8 percent, whereas the value of domestic exports decreased by 23.3 percent.

Concurrently, the value of imports of goods increased by 1.8 percent. A visible trade deficit of HK$141.3 billion, equivalent to 11.9 percent of the value of imports of goods, was recorded in the first four months.

A government spokesman noted that merchandise exports reverted to a moderate year-on-year growth in April, partly due to the relative improvement in some export markets, though also partly helped by the low base of comparison in the aftermath of the Japan earthquake and tsunami last year.

The spokesman commented further that looking ahead, the eurozone sovereign debt situation, which has re-intensified on heightened risks of a Greek turmoil lately, remains a key threat to the global economy.

"In light of the highly uncertain external environment, Hong Kong's near-term export outlook is still faced with significant challenges. We will continue to monitor the situation closely," he said.