Hong Kong's trade in services statistics for 2015
Hong Kong's trade in services statistics for 2015
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     The Census and Statistics Department (C&SD) released today (February 10) the trade in services (TIS) statistics for 2015, with detailed breakdowns by service component and by main destination/source.

     Comparing 2015 with 2014, the value of total exports of services dropped by 2.4% to $808.9 billion, while that of total imports of services edged up by 0.1% to $574.3 billion. An invisible trade surplus at $234.6 billion, equivalent to 40.8% of the value of total imports of services, was recorded in 2015. This was smaller than the corresponding surplus of $255.6 billion in 2014, equivalent to 44.6% of the value of total imports of services in 2014.

Analysis by service component

     Analysed by service component, travel was the largest component in exports of services, accounting for 34.6% of the value of total exports of services in 2015. This was followed by transport (28.5%) and financial services (18.4%).

     As for imports of services, travel accounted for 31.1% of the value of total imports of services in 2015, followed by transport (23.4%), manufacturing services (15.7%) and other business services (15.5%).

     Amongst various service components, the net exports of financial services contributed most significantly to the overall invisible trade surplus, at $111.4 billion in 2015. This was followed by travel ($101.5 billion) and transport ($96.6 billion).

     On the other hand, manufacturing services imported by Hong Kong in outward processing were substantial, resulting in a deficit of $90.0 billion in 2015. This was followed by charges for the use of intellectual property, which recorded a deficit of $9.4 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 39.8% and 15.0% respectively of the value of total exports of services in 2015. They were followed by the United Kingdom (the UK) (7.6%), Japan (4.2%) and Singapore (3.8%).

     The Mainland and the USA were also the main sources of imports of services, accounting for 38.9% and 11.2% respectively of the value of total imports of services in 2015. They were followed by Japan (7.8%), the UK (5.9%) and Singapore (4.5%).

     Analysed by region, for exports of services of Hong Kong, Asia was the most important destination, accounting for 60.8% of the value of total exports of services in 2015, followed by Western Europe (17.6%) and North America (16.0%).

     For imports of services, Asia was also the most important source, accounting for 65.2% of the value of total imports of services in 2015, followed by Western Europe (14.3%) and North America (13.3%).

Commentary

     A Government spokesman noted that the value of total exports of services fell somewhat in 2015, mainly dragged by the subdued performance of inbound tourism and exports of transport services. Yet, services trade surplus remained sizable, with further notable growth in exports of financial services, signifying the important status of Hong Kong as an international financial and business hub.

     The spokesman further pointed out that the Mainland continued to be the most important destination for Hong Kong's exports of services in 2015, accounting for about 40% of the total. Looking ahead, given the strong competitiveness of Hong Kong's services sector, services exports will continue to benefit from the vast opportunities brought by the deepening economic reforms in the Mainland as well as the vibrant growth in its services sector. The Government will continue to strengthen Hong Kong's economic and financial links with the Mainland and other trading partners, via the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and other facilitative initiatives, with a view to supporting the development of Hong Kong's services trade.

Further information

     Table 1 presents exports, imports and net exports of services by service component in 2014 and 2015.

     Table 2 presents exports of services by main destination and imports of services by main source in 2014 and 2015.

     Table 3 presents exports, imports and net exports of services by region of destination/source in 2014 and 2015.

     More detailed TIS statistics will be given in the report entitled "Hong Kong Trade in Services Statistics in 2015". 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 24, 2017.

     The TIS statistics presented above are compiled mainly based on data obtained from the Annual Survey of Imports and Exports of Services conducted by the C&SD, supplemented by data from other relevant sources. The TIS statistics for 2015 are subject to minor revision when more data from supplementary sources become available.

     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 10, 2017
Issued at HKT 16:30
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