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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62384)	3/27/2002 4:56:44 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Hong Kong exports fall while imports dive in February By Andrea Ricci Wednesday March 27, 12:39 AM Phhttp://sg.news.yahoo.com/reuters/asia-96997.html HONG KONG (Reuters) - Hong Kong's exports fell in February and imports dropped even more as a long holiday crimped activity, but analysts said the trade sector was still on track for recovery, albeit a slow one. "There is very strong evidence for a recovery in the U.S. Even in Japan, the market is expecting it is near its bottom. Both of these factors should be positive for Asian exports, including Hong Kong," said ING Barings Economist Prakash Sakpal. Data released by the government on Tuesday showed Hong Kong's merchandise exports fell 9.1 percent on year in value in February to HK$95.3 billion (US$12.2 billion). Imports slumped 19.8 percent in value to HK$98.1 billion, leaving a visible trade deficit of HK$2.8 billion (US$360 million). The declines, particularly in imports, were exaggerated by the Lunar New Year holiday, which fell in February 2002 but in January 2001. Hong Kong people typically spend ahead of the festival, meaning that import demand tends to pick up in the prior month but fall off drastically in the holiday month. Exports slip during the holiday, which shuts down businesses for three days at least and often more as workers take extended leave.