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The Census and Statistics Department (C&SD) released today (February 5) the trade in services (TIS) statistics for 2014, with detailed breakdowns by service component and by main destination/source.
Comparing 2014 with 2013, the value of total exports of services rose by 1.8% to $827.0 billion, while that of total imports of services dropped by 1.7% to $573.4 billion. An invisible trade surplus at $253.6 billion, equivalent to 44.2% of the value of total imports of services, was recorded in 2014. This was larger than the corresponding surplus of $229.1 billion in 2013, equivalent to 39.3% of the value of total imports of services in 2013.
Analysis by service component
Analysed by service component, travel was the largest component in exports of services, accounting for 36.0% of the value of total exports of services in 2014. This was followed by transport (30.0%) and financial services (16.3%).
As for imports of services, travel accounted for 29.8% of the value of total imports of services in 2014, followed by transport and manufacturing services (24.9% and 16.1% respectively).
Amongst various service components, the net exports of travel contributed most significantly to the overall invisible trade surplus, at $126.9 billion in 2014. This was followed by transport ($105.1 billion) and financial services ($100.5 billion).
On the other hand, manufacturing services imported by Hong Kong in outward processing were substantial, resulting in a deficit of $92.4 billion in 2014. This was followed by charges for the use of intellectual property, which recorded a deficit of $10.2 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 40.3% and 15.0% respectively of the value of total exports of services in 2014. They were followed by the United Kingdom (the UK) (6.6%), Japan (4.5%) and Taiwan (4.1%).
The Mainland and the USA were also the main sources of imports of services, accounting for 38.0% and 11.1% respectively of the value of total imports of services in 2014. They were followed by Japan (7.5%), the UK (5.9%) and Singapore (4.9%).
Analysed by region, for exports of services of Hong Kong, Asia was the most important destination, accounting for 62.0% of the value of total exports of services in 2014, followed by North America (16.2%) and Western Europe (16.2%).
For imports of services, Asia was also the most important source, accounting for 65.2% of the value of total imports of services in 2014, followed by Western Europe (14.7%) and North America (13.2%).
Commentary
A Government spokesman noted that the value of total exports of services grew further in 2014, though at a slower pace amid the setback in exports of travel services. The sustained growth in exports of financial and other commercial services and further rises in services trade surplus in an unsteady external environment underscore Hong Kong's significant status as an international financial and business hub.
The spokesman further pointed out that the Mainland was consistently the most prominent destination for Hong Kong's exports of services in 2014, accounting for about two-fifths of the total. Looking ahead, given the strong competitive edge in the services sector, Hong Kong's services exports will continue to benefit from the vast opportunities arising from the Mainland economy's opening up and rebalancing towards services. The strengthening of economic ties of Hong Kong with the Mainland and other major trading partners, via the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and other facilitative initiatives, will support further development of Hong Kong's services trade.
Further information
Table 1 presents exports, imports and net exports of services by service component in 2013 and 2014.
Table 2 presents exports of services by main destination and imports of services by main source in 2013 and 2014.
Table 3 presents exports, imports and net exports of services by region of destination/source in 2013 and 2014.
More detailed TIS statistics will be given in the report entitled "Hong Kong Trade in Services Statistics in 2014". 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 26, 2016.
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: 3903 7415 or email: tis@censtatd.gov.hk).
Ends/Friday, February 5, 2016
Issued at HKT 16:30
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