*************************************************
The Census and Statistics Department (C&SD) released today (February 11) the trade in services statistics for 2009, with detailed breakdowns by type of service and by destination/source.
Overall situation
In 2009, the value of total exports of services fell by 6.7% compared with 2008 to $670.2 billion, and that of total imports of services fell by 7.1% over the same period to $340.6 billion. An invisible trade surplus at $329.5 billion, equivalent to 96.8% of the value of total imports of services, was recorded in 2009. This was smaller than the corresponding surplus of $352.1 billion in 2008, equivalent to 96.1% of the value of total imports of services in 2008.
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 30.9% and 27.4% respectively of the value of total exports of services in 2009. They were followed by travel services (19.0%), financial services (13.1%) and insurance services (0.6%). Other services had a total share of 9.1%.
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 95.1% of the total export value of the group (or 29.3% of the value of total exports of services) in 2009. Owing to the significance of offshore trade, a separate press release on "Hong Kong's Offshore Trade Statistics for 2009" was issued today.
As for imports of services, travel services accounted for 35.7% of the value of total imports of services in 2009, followed by transportation services (27.9%), merchanting and other trade-related services (7.9%), financial services (7.5%) and insurance services (1.5%). Other services had a total share of 19.5%.
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 $179.8 billion in 2009. This was followed by transportation services ($88.7 billion), financial services ($61.9 billion) and travel services ($6.1 billion). On the other hand, invisible trade deficits were recorded for insurance services and other services, at $1.4 billion and $5.4 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 26.9% and 21.3% respectively of the value of total exports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2009. They were followed by the United Kingdom (7.8%), Japan (6.4%) and Taiwan (4.5%).
The Mainland and the United States of America were also the major sources of imports of services, accounting for 26.8% and 15.1% respectively of the value of total imports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2009. They were followed by Japan (7.9%), the United Kingdom (7.4%) and Singapore (5.9%).
Trade in services by region
For exports of services, Asia was the most important destination, accounting for 49.4% of the value of total exports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2009, followed by North America (22.8%), Western Europe (20.4%), Australasia and Oceania (3.0%) and Central and South America (1.4%).
For imports of services, Asia was also the most important source, accounting for 55.6% of the value of total imports of services (excluding the value of financial intermediation services, of which geographical breakdowns are not available) in 2009, followed by Western Europe (18.4%), North America (17.6%), Australasia and Oceania (5.5%) and Central and South America (0.7%).
Commentary
A Government spokesman notes that the decline in exports of services in 2009 was due to the global recession in that year. Yet Hong Kong continued to record a sizable surplus in service trade in 2009, reflecting the strong competitiveness of Hong Kong as an international financial centre and a regional hub for business and travel. Moreover, exports of services rebounded notably in the latter part of 2009 and maintained strong growth in 2010.
The spokesman further points out that the Mainland remained the largest destination of Hong Kong's exports of services in 2009, accounting for over one-quarter of the total, and also outperformed the other major markets. Economic integration with the Mainland will continue to deepen in the years to come, providing 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 2008 and 2009.
Table 2 presents exports of services by main destination in 2008 and 2009.
Table 3 presents imports of services by main source in 2008 and 2009.
Table 4 presents exports, imports and net exports of services by region of destination/source in 2008 and 2009.
More detailed trade in services statistics will be given in the "Report on Hong Kong Trade in Services Statistics for 2009". Users can download the publication free of charge at the website of the Census and Statistics Department (C&SD) (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp) as from February 25, 2011.
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 11, 2011
Issued at HKT 16:30
NNNN
