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The Census and Statistics Department (C&SD) released today (February 15) trade in services statistics for 2005, with detailed breakdown by service item and by destination/source.
Overall situation
In 2005, the value of total exports of services rose by 15.4% to $495.8 billion over 2004, and that of total imports of services grew by 9.0% to $264.2 billion over the same period. Taking exports and imports of services together, an invisible trade surplus at $231.6 billion, equivalent to 87.6% of the value of total imports of services, was recorded in 2005. This was larger than the corresponding surplus of $187.1 billion, equivalent to 77.1% of the value of total imports of services, in 2004.
Trade in services by major service group
Analysed by major service group, merchanting and other trade-related services was the largest group of exports of services, accounting for 32.7% of the total value in 2005. This was followed by transportation services (31.9%), travel (16.1%), financial services (9.9%), and insurance services (0.6%). Other services had a share of 8.7%.
Amongst exports of merchanting and other trade-related services, "merchanting" and "merchandising for offshore transactions", which are both regarded as services relating to "offshore trade", together took up a share of 91.9% of the total value (or 30.1% of the value of overall exports of services) in 2005. Owing to their significance, a separate press release on "Hong Kong's Offshore Trade Statistics for 2005" was issued today.
As to imports of services, travel accounted for 39.2% of the total value in 2005, followed by transportation services (30.8%), merchanting and other trade-related services (7.0%), financial services (4.1%), and insurance services (1.8%). Other services had a share of 17.1%.
Amongst various major service groups, merchanting and other trade-related services contributed most significantly to the overall invisible trade surplus, at $143.6 billion in 2005. This was followed by transportation services ($76.6 billion), and financial services ($38.2 billion). On the other hand, trade deficits were recorded for travel, insurance services, and other services, at $23.4 billion, $1.5 billion, and $2.0 billion respectively.
Trade in services by main destination/source
The mainland of China (the Mainland) and the United States were the two largest destinations for exports of services, accounting for 26.3% and 20.6% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2005. They were followed by Taiwan (7.3%), Japan (7.2%), and the United Kingdom (6.9%).
The Mainland and the United States were the largest sources of imports of services, accounting for 27.0% and 15.0% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2005. They were followed by Japan (8.6%), the United Kingdom (7.7%), and Australia (6.1%).
Trade in services by region
For exports of services, Asia was the most important destination, accounting for 52.8% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2005, followed by North America (22.3%), Western Europe (18.5%), Australasia and Oceania (2.8%), and Central and South America (1.4%).
For imports of services, Asia was the most important source, accounting for 55.6% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2005, followed by North America (17.9%), Western Europe (15.4%), Australasia and Oceania (6.7%), and Central and South America (1.4%).
Commentary
A Government spokesman noted that Hong Kong's exports of services sustained strong growth momentum in 2005. Exports of merchanting and other trade-related services, transportation services and travel services continued to record robust growth, boosted by the Mainland's strong trade flows and further expansion in inbound tourism, while exports of financial services surged notably amidst active financial markets. The robust performance of exports of services in 2005 is indicative of the increasingly important role of Hong Kong as a business, financial and service hub in the region.
The spokesman further pointed out that the Mainland remained the largest destination of Hong Kong's exports of services in 2005, accounting for over one-quarter of the total. This indicates that Hong Kong has continued to play a significant role as an eminent foothold and conduit for business between the Mainland and the rest of the world.
Further information
Table 1 presents exports, imports and net exports of services by major service group in 2004 and 2005.
Table 2 presents exports of services by main destination in 2004 and 2005.
Table 3 presents imports of services by main source in 2004 and 2005.
Table 4 presents exports, imports and net exports of services by region of destination/source in 2004 and 2005.
More detailed trade in services statistics will be given in the "Report on Hong Kong Trade in Services Statistics for 2005". Users can download this report (in PDF format) free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD as from February 23, 2007. The print version of the report can be purchased as from mid March 2007 in the following ways:
(i) Purchase in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025). The price of the report is HK$74 per copy.
(ii) Complete a mail order form which is available for downloading from the website of the C&SD (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp) and return it to the C&SD. Price (excluding postage) is the same as above.
(iii) Purchase online at the Statistical Bookstore or the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount and are sold at 85% of their original prices. After discount, the price (excluding postage) of the report is HK$62.9 per copy.
Enquiries about trade in services statistics can be directed to the Trade in Services Statistics Section of the C&SD (Tel: 2802 1372 or E-mail: tis@censtatd.gov.hk).
Ends/Thursday, February 15, 2007
Issued at HKT 16:15
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