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The Census and Statistics Department (C&SD) released today (February 5) the trade in services statistics for 2007, with detailed breakdowns by type of service and by destination/source.
Overall situation
In 2007, the value of total exports of services rose by 16.9% over 2006 to $660.7 billion, and that of total imports of services grew by 15.4% over the same period to $332.2 billion. An invisible trade surplus at $328.5 billion, equivalent to 98.9% of the value of total imports of services, was recorded in 2007. This was larger than the corresponding surplus of $277.2 billion, equivalent to 96.3% of the value of total imports of services, in 2006.
Trade in services by major service group
Analysed by major service group, transportation services and merchanting and other trade-related services were the two largest groups in exports of services, accounting for 30.2% and 30.1% respectively of the total value in 2007. They were followed by travel services (16.2%), financial services (14.7%) and insurance services (0.6%). Other services had a total share of 8.2%.
Within the group of 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 93.5% of the total export value of the group (or 28.1% of the value of overall exports of services) in 2007. Owing to their significance, a separate press release on ¡§Hong Kong's Offshore Trade Statistics for 2007¡¨ was issued today.
As for imports of services, travel services accounted for 35.3% of the total value in 2007, followed by transportation services (32.7%), merchanting and other trade-related services (7.3%), financial services (6.6%) and insurance services (1.7%). Other services had a total 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 $174.7 billion in 2007. This was followed by transportation services ($90.9 billion), and financial services ($75.0 billion). On the other hand, invisible trade deficits were recorded for travel services, insurance services and other services, at $10.0 billion, $1.9 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 of exports of services, accounting for 24.9% and 21.5% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2007. They were followed by the United Kingdom (8.0%), Japan (6.9%) and Taiwan (5.6%).
The Mainland and the United States were also the major sources of imports of services, accounting for 26.6% and 14.7% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2007. They were followed by Japan (8.2%), the United Kingdom (7.5%) and Singapore (5.6%).
Trade in services by region
For exports of services, Asia was the most important destination, accounting for 49.3% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2007, followed by North America (23.1%), Western Europe (20.7%), Australasia and Oceania (2.8%) and Central and South America (1.4%).
For imports of services, Asia was also the most important source, accounting for 55.5% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2007, followed by Western Europe (17.9%), North America (17.5%), Australasia and Oceania (5.7%) and Central and South America (0.9%).
Commentary
A Government spokesman notes that exports of services rose notably further in 2007 on a broad basis amid the robust global economic growth in that year, indicative of Hong Kong's status as an international centre for finance, trade, business and travel.
The spokesman further points out that the Mainland remained the largest destination of Hong Kong's exports of services in 2007, 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 a lot of business opportunities for Hong Kong companies and professionals. This development was particularly important to Hong Kong in face of the threat from the global financial tsunami.
Further information
Table 1 presents exports, imports and net exports of services by major service group in 2006 and 2007.
Table 2 presents exports of services by main destination in 2006 and 2007.
Table 3 presents imports of services by main source in 2006 and 2007.
Table 4 presents exports, imports and net exports of services by region of destination/source in 2006 and 2007.
More detailed trade in services statistics will be given in the ¡§Report on Hong Kong Trade in Services Statistics for 2007¡¨.
The C&SD has recently conducted a review on the printing of statistical publications and has decided that the print version of ¡§Report on Hong Kong Trade in Services Statistics¡¨ will no longer be produced starting from this edition. Nevertheless, the publication is still available for downloading free of charge from the website of the C&SD at (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/index.jsp). Users can download the 2007 edition of the publication as from February 18, 2009.
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 5, 2009
Issued at HKT 16:31
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