Hong Kong's trade in services statistics for 2016
Hong Kong's trade in services statistics for 2016
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     The Census and Statistics Department (C&SD) released today (February 9) Hong Kong's trade in services (TIS) statistics for 2016, with detailed breakdowns by service component and by main destination/source.

     Comparing 2016 with 2015, the value of total exports of services dropped by 5.5% to $764.8 billion, while that of total imports of services increased by 0.7% to $578.1 billion. An invisible trade surplus at $186.7 billion, equivalent to 32.3% of the value of total imports of services, was recorded in 2016. This was smaller than the corresponding surplus of $234.6 billion in 2015, equivalent to 40.8% of the value of total imports of services in 2015.

Analysis by service component

     Analysed by service component, travel was the largest component in exports of services, accounting for 33.3% of the value of total exports of services in 2016. This was followed by transport (28.6%), financial services (18.1%) and other business services (14.0%).

     As for imports of services, travel accounted for 32.4% of the value of total imports of services in 2016, followed by transport (22.7%), other business services (15.5%) and manufacturing services (15.3%).

     Amongst various service components, the net exports of financial services contributed most significantly to the overall invisible trade surplus, at $101.9 billion in 2016. This was followed by transport ($87.3 billion) and travel ($67.6 billion).

     On the other hand, manufacturing services imported by Hong Kong in outward processing were substantial, resulting in a deficit of $88.2 billion in 2016. 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 the top two main destinations of exports of services of Hong Kong, accounting for 40.1% and 14.2% respectively of the value of total exports of services in 2016. They were followed by the United Kingdom (UK) (8.2%), Japan (4.2%) and Singapore (4.0%).

     The Mainland and the USA were also the top two main sources of imports of services, accounting for 38.5% and 11.4% respectively of the value of total imports of services in 2016. They were followed by Japan (8.0%), the UK (5.8%) and Singapore (4.2%).

     Analysed by region, Asia was the most important destination of the exports of services of Hong Kong, accounting for 61.1% of the value of total exports of services in 2016, followed by Western Europe (18.2%) and North America (15.2%).

     For imports of services, Asia was also the most important source, accounting for 64.5% of the value of total imports of services in 2016, followed by Western Europe (14.2%) and North America (13.4%).

Commentary

     A Government spokesman noted that the value of total exports of services fell somewhat in 2016 amid the challenging global economic conditions back in that year. Nevertheless, total exports of services staged a broad-based recovery since then, alongside the global economic upturn over the past year. The resilience of services exports is an embodiment of the strong competitiveness of Hong Kong's services sector.

     The spokesman further pointed out that the Mainland continued to be the most prominent destination for Hong Kong's exports of services in 2016, accounting for around 40% of the total. Looking ahead, with strong competitive edge in a wide range of services, Hong Kong is well positioned to benefit from the substantial opportunities brought by the two-way opening up of the Mainland economy, its re-orientation towards consumption and services, the Belt and Road Initiative as well as the Guangdong-Hong Kong-Macao Bay Area development. The Government will continue to strengthen Hong Kong's economic and financial links with the Mainland and other trading partners, with a view to creating a favourable environment for Hong Kong's services trade to turn opportunities into actual growth in businesses.

Further information

     The TIS statistics have incorporated the latest international recommendations given in the Manual on Statistics of International Trade in Services 2010. For details, please refer to the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/so240.jsp).

     Table 1 presents exports, imports and net exports of services by service component in 2015 and 2016.

     Table 2 presents exports of services by main destination and imports of services by main source in 2015 and 2016.

     Table 3 presents exports, imports and net exports of services by region of destination/source in 2015 and 2016.

     More detailed TIS statistics will be given in the report "Hong Kong Trade in Services Statistics in 2016". Users can download this report free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp240.jsp?productCode=B1020011) as from end-February 2018.

     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 2016 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; email: tis@censtatd.gov.hk).
 
Ends/Friday, February 9, 2018
Issued at HKT 16:30
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