Hong Kong's total goods exports grew 9.4 percent year on year to 276.9 billion HK dollars (US$35.73 billion) in October, also up from 3.6 percent in September, revealed the Census and Statistics Department on Thursday.

However, the department indicated that the global financial crisis has mutated into a synchronized global economic downturn, whose impact on Hong Kong's trade is likely to show up more fully in the coming months.

Within the total exports, re-exports grew 10.9 percent to 268.9billion HK dollars (US$34.7 billion) while domestic exports rose 23.1 percent to 8.1 billion HK dollars (about US$1 billion).

The visible trade deficit for the month was 16 billion HK dollars (US$2.06 billion), equivalent to 4.9 percent of the city's goods imports, according to the department.

Taking the first 10 months this year together, total goods exports grew 8 percent over the same period last year while goods imports grew 9.4 percent.

The 10-month period saw a visible trade deficit of 181.6 billion HK dollars (US$23.4 billion), equivalent to 7.1 percent of the goods imports.

The department said the notable year-on-year growth in October was mainly driven by an exports rebound to the Chinese mainland and some major markets in Asia.

The department's data showed a slight drop over the past three months, sounding a note of caution to Hong Kong's external trade amid the challenging external environment.

Exports to Asia markets recorded a year-on-year growth of 13 percent in October, particularly Japan, Vietnam, the Chinese mainland and Thailand.

Increases were also recorded in total exports to major destinations other than Asia, in particular Germany and the Netherlands with more than 10 percent. But Hong Kong's exports to the United States fell by 2.9 percent year on year in October.

(Xinhua News Agency November 28, 2008)