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The Census and Statistics Department (C&SD) released today (March 10) trade in services statistics for 2004, with detailed breakdown by service item and also by destination/source.
Overall situation
The value of total exports of services rose by 18.5% to $429.6 billion in 2004 over 2003. The value of total imports of services grew by 19.2% to $242.5 billion over the same period. Taking exports and imports of services together, an invisible trade surplus at $187.1 billion, equivalent to 77.1% of the total value of imports of services, was recorded in 2004. This was larger than the corresponding surplus of $159.0 billion, equivalent to 78.2% of the total value of imports of services, in 2003.
Trade in services by major service group
Analysed by major service group, merchanting and other trade-related services was the largest group of exports of services, accounting for 34.1% of the total value in 2004. This was followed by transportation services (31.5%), travel (16.3%), financial services (8.3%), and insurance services (0.7%). Other services had a share of 9.1%.
Amongst 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 90.2% of the total value (or 30.8% of the value of overall exports of services) in 2004. Owing to their significance, a separate press release was issued on "Hong Kong's Offshore Trade Statistics for 2004" today.
As to imports of services, travel accounted for 42.6% of the total value in 2004, followed by transportation services (27.9%), merchanting and other trade-related services (6.8%), financial services (3.7%), and insurance services (2.0%). Other services had a share of 17.0%.
Amongst the major service groups, merchanting and other trade-related services contributed most significantly to the overall invisible trade surplus, at $130.0 billion in 2004. This was followed by transportation services ($67.5 billion), and financial services ($26.4 billion). On the other hand, trade deficits were recorded for travel, insurance services, and other services, at $33.3 billion, $1.6 billion, and $2.0 billion respectively.
Trade in services by main destination/source
The mainland of China and the United States were the two largest destinations for exports of services, accounting for 27.4% and 20.6% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2004. These were followed by Taiwan (7.3%), Japan (7.2%), and the United Kingdom (6.2%).
The mainland of China and the United States were the largest sources of imports of services, accounting for 27.4% and 14.7% respectively of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2004. These were followed by Japan (8.7%), the United Kingdom (7.3%), and Australia (6.2%).
Trade in services by major service group and region
For exports of merchanting and other trade-related services, Asia was the most important destination, accounting for 46.6% of the total value in 2004, followed by North America (28.7%), Western Europe (19.6%), Central and South America (2.0%), and Australasia and Oceania (1.3%).
As to exports of transportation services, Asia was the most important destination, accounting for 53.8% of the total value in 2004, followed by North America (20.6%), Western Europe (18.2%), Australasia and Oceania (3.0%), and Central and South America (0.9%).
The same order of importance of destinations also applied to exports of travel services and other services in 2004. For exports of travel services, the respective shares were 80.2%, 8.2%, 6.7%, 3.0% and 0.5%. For exports of other services, they were 51.1%, 23.8%, 17.7%, 2.8% and 2.0%.
For exports of financial services, Western Europe was the most important destination, accounting for 32.7% of the total value (excluding the value of financial intermediation services, which had no geographical breakdown) in 2004. This was followed by North America (30.3%), Asia (29.9%), Central and South America (4.1%), and Australasia and Oceania (2.7%).
For exports of insurance services, Asia was the most important destination, accounting for 59.2% of the total value in 2004, followed by Western Europe (30.7%), North America (4.7%), Central and South America (4.4%), and Australasia and Oceania (1.1%).
For imports of transportation services, Asia was the largest source, accounting for 55.3% of the total value in 2004, followed by Western Europe (18.3%), North America (11.8%), Australasia and Oceania (6.8%), and Central and South America (1.9%).
The same order of importance of sources also applied to imports of financial services in 2004. The respective shares in total value (excluding the value of financial intermediation services, which had no geographical breakdown) were 42.1%, 27.3%, 25.2%, 3.1% and 0.8%.
For imports of travel services, Asia was the largest source, accounting for 59.8% of the total value in 2004, followed by North America (16.6%), Western Europe (11.6%), and Australasia and Oceania (9.9%).
The same order of importance of sources also applied to imports of other services in 2004. The respective shares in total value were 47.3%, 29.0%, 16.6%, and 3.7%.
As to imports of insurance services, North America was the largest source, accounting for 42.6% of the total value in 2004, followed by Asia (32.6%), Western Europe (22.6%), Central and South America (1.8%), and Australasia and Oceania (0.6%).
For imports of merchanting and other trade-related services, Asia was the largest source, accounting for 76.8% of the total value in 2004, followed by North America (12.4%), Western Europe (7.1%), Central and South America (2.5%), and Australasia and Oceania (0.2%).
Commentary
A Government Secretariat spokesman noted that Hong Kong's exports of services grew strongly in 2004, marked by broad-based surge in merchanting and other trade-related services, transportation, travel and financial services. The strong growth was boosted by the strong trade flows amidst the global economic upswing, the swift rebound in inbound tourism after SARS as well as the significant growth in financial market activities.
The spokesman noted further that Hong Kong continued to play the role of an important business, financial and service hub in the region, as evidenced by a predominant share of Asia in Hong Kong's exports of services in 2004. In particular, the mainland of China remained a major destination of Hong Kong's exports of services to Asia, accounting for over half of the total to the region. This indicated that Hong Kong continued to play a significant role as an eminent foothold and conduit for business between the mainland of China and the rest of the world.
Further information
Table 1 presents exports, imports and net exports of services by major service group in 2003 and 2004.
Table 2 presents exports of services by main destination in 2003 and 2004.
Table 3 presents imports of services by main source in 2003 and 2004.
Table 4 presents exports, imports and net exports of services by major service group and region of destination/source in 2003 and 2004.
More detailed trade in services statistics are available in the "Report on Hong Kong Trade in Services Statistics for 2004" which is now on sale at HK$59 per issue. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm).
For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.censtatd.gov.hk/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025).
Enquiries about trade in services statistics published in the report 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, March 10, 2006
Issued at HKT 16:16
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