China Watch Blog

China Watch Blog has learnt that the value of Hong Kong’s total exports and imports of goods in June grew 26.7% and 31% year-on-year as the global economic recovery gathered momentum.

According to the Census & Statistics Department, the value of total exports, comprising re-exports and domestic exports, rose 26.7% to $267.6 billion, after a year-on-year increase of 24.4% in May. The value of re-exports rose 26.8% to $261.7 billion, while the value of domestic exports rose 25.3% to $5.9 billion.

The value of imports grew 31% to $298.2 billion, after a year-on-year increase of 29.7% in May. A visible trade deficit of $30.6 billion, equivalent to 10.3% of the value of imports of goods, was recorded.

For the first half the year the value of total exports rose 25.1% over the same period last year. The value of re-exports increased 25.1%, while that of domestic exports grew 22.7%. The value of imports of goods grew 31.9%. A visible trade deficit of $179.1 billion, equivalent to 11.3% of the value of imports of goods, was recorded.

Comparing the second quarter this year with the preceding quarter on a seasonally-adjusted basis, the value of total exports of goods rose 5.2%. Within this total the value of re-exports increased 5.5%, whereas the value of domestic exports fell 5.2%. The value of imports of goods rose 3.2%.

The department said the distinct expansion of merchandise exports expanded in June showing the robust growth of Asian markets and the gradual recovery in the advanced economies. However, the level of uncertainty in the external trading environment remains high, particularly in view of the austerity measures to be implemented in many European economies as well as the fading of the boosting effect from the earlier stimulus measures in the US economy.

China Watch Blog has learnt that Guangzhou and Brisbane have agreed to have a direct flight  service in October. This is the first direct flight between Guangdong and Queensland.

Both territories became Friendly Cooperative Provinces in 2004.

Ou Guangyuan, Chairman of the Standing Committee of the People’s Congress of Guangdong Province met with John Mickel, Speaker of Queensland’s parliamentary, in Guangzhou on July 18, 2010, according to NEWSGD.com.

The flight was suggested by Speaker John Mickel of Queensland’s parliamentary after his last mission to Guangdong a year ago. He visited Guangzhou on July 18 and met with Chairman Ou Guangyuan of the Standing Committee of the People’s Congress of Guangdong Province. Chairman Ou pointed out that the flight will enhance cooperation and people-to-people connection between the two provinces.

John Mickel was impressed by the city improvement of Guangzhou brought by the preparatory projects for the 16th Asian Games that will fall on this November, saying “Guangzhou people should be proud of the changes.”

Today, John Mickel will continue his visit in Guangdong to see the province’s latest move in restructuring its economy and intangible cultural heritage protection.