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With continued growth in the Mainland economy and a visible pick-up in
the global economy, Hong Kong was witness to a notable growth in external
trade in 2003. Total merchandise trade increased by 11.6 per cent to $3,548.2
billion. Domestic exports dropped by 7 per cent to $121.7 billion, while
re-exports rose by 13.4 per cent to $1,620.7 billion. Imports increased
by 11.5 per cent to $1,805.8 billion. The year recorded a trade deficit
of $63.4 billion, greater than the corresponding deficit of $58.9 billion
in 2002. The Appendices provide summary statistics of external trade.
In 2003, Hong Kong's largest trading partners were
the Mainland of China (the Mainland), followed by the United States of
America (USA) and Japan.
In 2003, Hong Kong was the world's 11th largest trading
entity in terms of value of merchandise trade.
Imports of raw materials and semi-manufactures, at $654.5 billion in
2003, constituted the largest share of total imports. This was followed
by consumer goods ($573.9 billion), capital goods ($481.1 billion), foodstuffs
($53.4 billion) and fuels ($35.4 billion).
In 2003, the Mainland, Japan and Taiwan were Hong
Kong's major suppliers, accounting for 43.5 per cent, 11.9 per cent and
6.9 per cent of the total value of imports, respectively.
Articles of apparel and clothing accessories continued to be the largest
component of domestic exports, valued at $63.9 billion or 52.5 per cent
of the total value of domestic exports in 2003. At $10.2 billion, electrical
machinery, apparatus and appliances, and electrical parts thereof came
second. Other major exports items included textile yarn, fabrics, made-up
articles and related products; office machines and automatic data processing
machines; and plastics in primary form.
In 2003, the USA, the Mainland and the United Kingdom
were Hong Kong's largest markets, absorbing 32.2 per cent, 30.2 per cent
and 6.4 per cent of the total value of domestic exports, respectively.
In 2003, principal commodities re-exported were electrical machinery,
apparatus and appliances ($303.1 billion or 18.7 per cent of the total
value of re-exports), as well as telecommunications and sound recording
and reproducing apparatus and equipment ($218.8 billion or 13.5 per cent
of the total value of re-exports). The Mainland, Japan and Taiwan were
the main origins of the re-exports, while the Mainland, the USA and Japan
were the main destinations. |
