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The Census and Statistics Department (C&SD) released today (February 9) the trade in services (TIS) statistics for 2013, with detailed breakdowns by service component and by main destination/source.
Comparing 2013 with 2012, the value of total exports of services rose by 6.3% to $812.3 billion, while that of total imports of services dropped by 1.9% to $583.2 billion. An invisible trade surplus at $229.1 billion, equivalent to 39.3% of the value of total imports of services, was recorded in 2013. This was larger than the corresponding surplus of $169.8 billion in 2012, equivalent to 28.6% of the value of total imports of services in 2012.
Analysis by service component
Analysed by service component, travel was the largest component in exports of services, accounting for 37.2% of the value of total exports of services in 2013. This was followed by transport (29.8%) and financial services (15.7%).
As for imports of services, travel accounted for 28.2% of the value of total imports of services in 2013, followed by transport and manufacturing services (24.1% and 19.9% respectively).
Amongst various service components, the net exports of travel contributed most significantly to the overall invisible trade surplus, at $137.4 billion in 2013. This was followed by transport ($101.8 billion) and financial services ($95.1 billion).
On the other hand, manufacturing services imported by Hong Kong in outward processing were substantial, resulting in a deficit of $116.0 billion in 2013. This was followed by charges for the use of intellectual property, which recorded a deficit of $11.3 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 of Hong Kong, accounting for 40.6% and 14.8% respectively of the value of total exports of services in 2013. They were followed by the United Kingdom (the UK) (6.2%), Japan (4.6%) and Taiwan (4.2%).
The Mainland and the USA were also the main sources of imports of services, accounting for 40.7% and 10.8% respectively of the value of total imports of services in 2013. They were followed by Japan (6.8%), the UK (5.6%) and Singapore (4.6%).
Analysed by region, for exports of services of Hong Kong, Asia was the most important destination, accounting for 62.2% of the value of total exports of services in 2013, followed by North America (16.1%) and Western Europe (15.8%).
For imports of services, Asia was also the most important source, accounting for 66.2% of the value of total imports of services in 2013, followed by Western Europe (14.6%) and North America (12.8%).
Commentary
A Government spokesman noted that exports of services grew solidly in 2013, due mainly to vibrant inbound tourism and continued expansion in cross-border financial and other commercial activities. Meanwhile, the invisible trade surplus rose notably, highlighting Hong Kong's status as an international financial centre and a regional business and travel hub.
The spokesman further pointed out that the Mainland continued to feature as the most prominent destination for Hong Kong's exports of services in 2013, accounting for about two-fifths of total. Looking ahead, given our core competence in the services sector and the ample opportunities brought by deepening reforms and further opening-up of the Mainland economy, trading ties in services between the two places should continue to thrive. The Government will continue its efforts to strengthen economic collaborations with the Mainland and other major trading partners through the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and other facilitative initiatives to enhance Hong Kong's competitiveness.
Further information
Table 1 presents exports, imports and net exports of services by service component in 2012 and 2013.
Table 2 presents exports of services by main destination and imports of services by main source in 2012 and 2013.
Table 3 presents exports, imports and net exports of services by region of destination/source in 2012 and 2013.
More detailed TIS statistics will be given in the report entitled "Hong Kong Trade in Services Statistics in 2013". 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 27, 2015.
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 afore-mentioned 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 of GDP estimates. This dissemination arrangement is of transition nature. For details of the related statistical developments, please see the "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 email: tis@censtatd.gov.hk).
Ends/Monday, February 9, 2015
Issued at HKT 16:31
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