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Hong Kong's trade in services statistics for 2011
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     The Census and Statistics Department (C&SD) released today (February 8) the trade in services (TIS) statistics for 2011, with detailed breakdowns by service component and by main destination/source.

     Comparing 2011 with 2010, the value of total exports of services rose by 12.8% to $706.1 billion, and that of total imports of services grew by 5.7% to $579.2 billion. An invisible trade surplus at $126.9 billion, equivalent to 21.9% of the value of total imports of services, was recorded in 2011. This was larger than the corresponding surplus of $78.1 billion in 2010, equivalent to 14.3% of the value of total imports of services in 2010.

Analysis by service component

     Analysed by service component, transport was the largest component in exports of services, accounting for 35.4% of the value of total exports of services in 2011. This was followed by travel (30.5%) and financial services (16.1%).

     As for imports of services, travel accounted for 25.8% of the value of total imports of services in 2011, followed by manufacturing services and transport (both 24.1%).

     Amongst various service components, the net exports of transport contributed most significantly to the overall invisible trade surplus, at $110.7 billion in 2011. This was followed by financial services ($83.2 billion) and travel ($66.1 billion).

     On the other hand, manufacturing services imported by Hong Kong in outward processing were substantial, resulting in a deficit of $139.5 billion. This was followed by charges for the use of intellectual property, which recorded a deficit of $12.1 billion.

Analysis by main destination/source

     The mainland of China (the Mainland) and the United States of America (the USA) were two main destinations of exports of services, accounting for 33.1% and 16.7% respectively of the value of total exports of services in 2011. They were followed by the United Kingdom (the UK) (7.2%), Japan (5.4%) and Taiwan (5.1%).

     The Mainland and the USA were also the main sources of imports of services, accounting for 43.6% and 11.1% respectively of the value of total imports of services in 2011. They were followed by the UK (5.7%), Japan (5.6%) and Singapore (4.6%).

     Analysed by region, for exports of services, Asia was the most important destination, accounting for 57.0% of the value of total exports of service in 2011, followed by Western Europe (18.4%) and North America (18.1%).

     For imports of services, Asia was also the most important source, accounting for 66.0% of the value of total imports of services in 2011, followed by Western Europe (14.2%) and North America (13.4%).

Commentary

     A Government spokesman noted that exports of services grew notably further in 2011, thanks to vibrant inbound tourism as well as flourishing financial and other commercial activities in that year, reflecting the strong competitiveness of Hong Kong as an international financial centre and a regional hub for business, trading and travel.

     The spokesman further pointed out that the Mainland remained the largest destination of Hong Kong's exports of services in 2011, accounting for one-third of the total. Looking ahead, the ongoing economic integration with the Mainland via the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and other co-operation initiatives should bode well for Hong Kong's service exports. This, coupled with the Mainland's drive to develop the services sector in the coming years, should present ample opportunities for Hong Kong's service trade.

Further information

     C&SD completed a technical exercise in September 2012 to implement the recommendations given in the Manual on Statistics of International Trade in Services 2010. The most significant changes are (i) the introduction of "manufacturing services" as a new component of imports of services, and (ii) the removal of gross margin earned from "merchanting" from exports of services, following the adoption of the new standards, i.e. the change of ownership principle in recording goods sent abroad for processing and merchanting. Other major changes include enhancement to the estimation method of insurance services, and incorporation of outright purchases and sales of output of research and development in trade in services. There is also re-classification within certain service items. For details, please refer to "Concepts and Methods" on TIS at C&SD website (www.censtatd.gov.hk/hkstat/sub/sc240.jsp).

     Table 1 presents exports, imports and net exports of services by service component in 2010 and 2011.

     Table 2 presents exports of services by main destination and imports of services by main source in 2010 and 2011.

     Table 3 presents exports, imports and net exports of services by region of destination/source in 2010 and 2011.

     More detailed TIS statistics will be given in the "Report on Hong Kong Trade in Services Statistics for 2011". Users can download the publication free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp240.jsp) as from February 25, 2013.

     TIS is an important component of economic indicators such as Balance of Payments (BoP) and Gross Domestic Product (GDP), the preliminary estimates of which are compiled based on limited data and released at the earliest possible time on a quarterly basis. They are subject to revisions as more data become available. Hence, this annual release has also provided updates to BoP and GDP estimates. TIS statistics in this press release and the above report conform to BoP estimates and the supplementary tables of GDP estimates. They are not comparable with the TIS component in the main tables of GDP estimates since the change of ownership principle in recording goods sent abroad for processing and merchanting as part of the international guidelines is not incorporated in the main tables. This dissemination arrangement is of transition nature. For details of the related statistical developments, please see the report entitled Special Report on Gross Domestic Product - September 2012.

     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/Friday, February 8, 2013
Issued at HKT 16:30

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