India-Hong Kong trade up 16%

Bilateral trade between India and Hong Kong in 2004 has risen 15.5 per cent to $5.86 billion with Indian exports, spearheaded by pearls and diamonds, sparkled at $3.76 billion, up 19 per cent over last fiscal, according to latest statistics.

For the period January-December 2004, India-Hong Kong bilateral trade reached a total of $5.86 billion, a growth rate of 15.5 per cent compared to the same period in year 2003, the Consulate General of India in Hong Kong said quoting the Census and Statistics Department of Hong Kong.

India was the 13th largest trading partner of Hong Kong, a Special Administrative Region of China. In 2003, India-Hong Kong trade was worth $5.07 billion, he said.

Indian exports amounted to $3.76 billion, witnessing a growth rate of 19 per cent. Of this, goods worth $2.08 billion were re-exported to other countries via Hong Kong, statistics revealed.

Indian imports from Hong Kong during 2004 totalled $2.09 billion, up 10 per cent. The trade balance for the year 2004 is in India' s favour to the extent of $1.67 compared to $1.27 billion in 2003.

India's major item of export to Hong Kong was pearls, precious stones and metals. A total of $2.91 billon worth of pearls and precious stones were exported last year, resulting in a growth of 18 per cent compared to the same period in year 2003, according to data.

Other than pearls, India exported raw hides and leather, cotton, iron and steel and plastics. Hong Kong's main exports to India were pearls, precious and semi-precious stones, electrical machinery, cotton, organic chemicals, optical and medical instruments and watches and clocks.