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The Census and Statistics Department (C&SD) released today (February 4) the trade in services statistics for 2006, with detailed breakdown by type of service and by destination/source.
Overall situation
In 2006, the value of total exports of services rose by 14.1% over 2005 to $565.1 billion, and that of total imports of services grew by 9.0% over the same period to $287.9 billion. An invisible trade surplus at $277.2 billion, equivalent to 96.3% of the value of total imports of services, was recorded in 2006. This was larger than the corresponding surplus of $231.2 billion, equivalent to 87.5% of the value of total imports of services, in 2005.
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 31.5% of the total value in 2006. This was followed by transportation services (30.8%), travel services (16.0%), financial services (12.7%), and insurance services (0.6%). Other services had a share of 8.3%.
Within the group on 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 93.0% of the total export value of the group (or 29.3% of the value of overall exports of services) in 2006. Owing to their significance, a separate press release on "Hong Kong's Offshore Trade Statistics for 2006" was issued today.
As to imports of services, travel services accounted for 37.9% of the total value in 2006, followed by transportation services (31.3%), merchanting and other trade-related services (7.3%), financial services (5.4%), and insurance services (1.7%). Other services had a share of 16.4%.
Amongst various major service groups, the net exports of merchanting and other trade-related services contributed most significantly to the overall invisible trade surplus, at $157.3 billion in 2006. This was followed by transportation services ($84.0 billion), and financial services ($56.3 billion). On the other hand, trade deficits were recorded for travel services, insurance services, and other services, at $18.7 billion, $1.5 billion, and $0.2 billion respectively.
Trade in services by main destination/source
The mainland of China (the Mainland) and the United States were Hong Kong's two major destinations for exports of services, accounting for 24.7% and 21.5% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2006. They were followed by the United Kingdom (8.0%), Japan (7.2%), and Taiwan (6.5%).
The Mainland and the United States were also the major sources of imports of services, accounting for 26.7% and 14.9% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2006. They were followed by Japan (8.5%), the United Kingdom (7.8%), and Australia (5.7%).
Trade in services by region
For exports of services, Asia was the most important destination, accounting for 50.2% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2006, followed by North America (23.1%), Western Europe (19.4%), Australasia and Oceania (3.0%), and Central and South America (1.5%).
For imports of services, Asia was also the most important source, accounting for 55.8% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2006, followed by North America (17.6%), Western Europe (16.7%), Australasia and Oceania (6.3%), and Central and South America (1.0%).
Commentary
A Government spokesman noted that exports of services continued to surge ahead in 2006. The robust performance of trade in services over the recent years has been a testament to Hong Kong's status as an international centre for finance, trade, business and travel.
The spokesman further pointed out that the Mainland was the largest destination of Hong Kong's exports of services in 2006, accounting for around one-quarter of the total. The continuing economic and financial integration between Hong Kong and the Mainland, with the strong foundation laid by the CEPA and other initiatives, should render solid support to further expansion of trade in services going forward, and strengthen Hong Kong's role as a platform 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 2005 and 2006.
Table 2 presents exports of services by main destination in 2005 and 2006.
Table 3 presents imports of services by main source in 2005 and 2006.
Table 4 presents exports, imports and net exports of services by region of destination/source in 2005 and 2006.
More detailed trade in services statistics will be given in the "Report on Hong Kong Trade in Services Statistics for 2006". Users can download this report free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp) as from February 15, 2008.
Print version of this report will be available for sale as from mid March 2008. Purchase can be done in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/¡@index.jsp). Print version of this report is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).¡@
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/Monday, February 4, 2008
Issued at HKT 16:15
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