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Hong Kong's trade in services statistics for 2010
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     The Census and Statistics Department (C&SD) released today (February 9) the trade in services statistics for 2010, with detailed breakdowns by type of service and by destination/source.

Overall situation

     In 2010, the value of total exports of services rose by 23.1% compared with 2009 to $824.8 billion, and that of total imports of services grew by 16.3% over the same period to $396.3 billion.  An invisible trade surplus at $428.5 billion, equivalent to 108.1% of the value of total imports of services, was recorded in 2010.  This was larger than the corresponding surplus of $329.2 billion in 2009, equivalent to 96.7% of the value of total imports of services in 2009.

Trade in services by major service group

     Analysed by major service group, merchanting and other trade-related services and transportation services were the two largest groups in exports of services, accounting for 29.6% and 28.2% respectively of the value of total exports of services in 2010.  They were followed by travel services (20.9%), financial services (12.4%) and insurance services (0.5%).  Other services had a total share of 8.5%.

     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 95.7% of the total export value of the group (or 28.3% of the value of total exports of services) in 2010.  Owing to the significance of offshore trade, a separate press release on "Hong Kong's Offshore Trade Statistics for 2010" will be issued by C&SD today.

     As for imports of services, travel services accounted for 34.3% of the value of total imports of services in 2010, followed by transportation services (28.7%), merchanting and other trade-related services (8.3%), financial services (6.9%) and insurance services (1.6%).  Other services had a total share of 20.2%.

     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 $211.0 billion in 2010.  This was followed by transportation services ($118.6 billion), financial services ($74.6 billion) and travel services ($36.5 billion).  On the other hand, invisible trade deficits were recorded for insurance services and other services, at $2.2 billion and $10.1 billion respectively.

Trade in services by main destination/source

     The mainland of China (the Mainland) and the United States of America were Hong Kong's two major destinations of exports of services, accounting for 28.3% and 21.2% respectively of the value of total exports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2010.  They were followed by the United Kingdom (7.8%), Japan (5.9%) and Taiwan (4.2%).

     The Mainland and the United States of America were also the major sources of imports of services, accounting for 26.6% and 14.6% respectively of the value of total imports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2010.  They were followed by Japan (8.2%), the United Kingdom (6.8%) and Singapore (6.0%).

Trade in services by region

     For exports of services, Asia was the most important destination, accounting for 50.1% of the value of total exports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2010, followed by North America (22.8%), Western Europe (20.1%), Australasia and Oceania (3.1%) and Central and South America (1.4%).

     For imports of services, Asia was also the most important source, accounting for 56.2% of the value of total imports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2010, followed by Western Europe (17.9%), North America (17.2%), Australasia and Oceania (5.6%) and Central and South America (0.9%).

Commentary

     A Government spokesman noted that exports of services rebounded strongly in 2010, on the back of thriving merchandise trade flows and cross-border business activities alongside the global economic recovery.  As a result, Hong Kong posted an even larger invisible trade surplus in 2010, reflecting the strong competitiveness of Hong Kong as an international financial centre and a regional hub for business and travel.  

     The spokesman further pointed out that the Mainland remained the largest destination of Hong Kong's exports of services in 2010, accounting for more than one-quarter of the total and continuing to outperform the other major markets.  Looking ahead, economic integration with the Mainland should continue to deepen through the Mainland and Hong Kong Closer Economic and Partnership Arrangement and other co-operation initiatives.  This, together with the Central Government's target to lift the share of service sector in the Mainland economy in the coming years, should provide ample opportunities for Hong Kong's service trade.  

Further information

     Table 1 presents exports, imports and net exports of services by major service group in 2009 and 2010.

     Table 2 presents exports of services by main destination in 2009 and 2010.

     Table 3 presents imports of services by main source in 2009 and 2010.

     Table 4 presents exports, imports and net exports of services by region of destination/source in 2009 and 2010.

     More detailed trade in services statistics will be given in the "Report on Hong Kong Trade in Services Statistics for 2010".  Users can download the publication free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp) as from February 23, 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: [email protected]).

Ends/Thursday, February 9, 2012
Issued at HKT 16:31

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