KL's trade surplus surges 39%<\/p>\n
KUALA LUMPUR: Malaysia's trade surplus jumped 38.9 percent in
\nJanuary to 6.3 billion ringgit (US$1.7 million), the largest
\nmonthly surplus since March 2000, the government said Wednesday.<\/p>\n
The Ministry of International Trade and Industry (MITI) said
\nexports increased 6.4 percent to 30.4 billion ringgit while
\nimports rose marginally by 0.4 percent to 24.1 billion ringgit.<\/p>\n
Exports of most products rose in January, with electrical and
\nelectronic goods accounting for 15.2 billion ringgit or 49.9
\npercent of the total, it said.<\/p>\n
Economists said the sharp rise in exports was above
\nexpectation.<\/p>\n
It reflects the turnaround in global demand for electrical and
\nelectronic goods along with a steady demand for palm oil despite
\na higher price.<\/p>\n
But others said the coming months may see a decline in exports
\ndue to external geopolitical uncertainties, in particular the
\nlooming war in Iraq. -- AFP<\/p>\n
;AFP;
\nANPAf..r..
\nMoneyMatter-HK-deficit
\nHK budget deficit forecast at $9b
\nJP\/MALAYSIA<\/p>\n
HK budget deficit forecast at $9b<\/p>\n
HONG KONG: Financial secretary Antony Leung said Wednesday Hong
\nKong's deficit for for the current year to March is estimated at
\nHK$70 billion (US$8.99 billion) .<\/p>\n
\"The persistent problem of huge deficits is a reflection of
\nfour changes that Hong Kong is facing -- cyclical economic
\nadjustment, economic restructuring, population aging and
\nevolution of government policies,\" Leung said in his budget
\nreport.<\/p>\n
Leung said the rise in the deficit, which is 5.5 percent of
\ngross domestic product (GDP) and some HK$ 24.8 billion more than
\noriginally estimated, was mainly due to government revenue coming
\nin 19.2 percent less than originally forecast.<\/p>\n
Capital revenue was also forecast to be HS$29.1 billion less
\nthan originally forecast. This is related to the government's
\ndecision in November last year to suspend land sales for a year,
\nwhich resulted in a HK$13.9 billion drop in land revenue.<\/p>\n
In addition, the government was studying a merger of the
\nterritory's two railway corporations and had postponed the sale
\nof the second tranche of MTR Corporation shares, reducing revenue
\nby a further HK$15 billion, he said. -- AFP<\/p>\n
;AFP;
\nANPAf..r..
\nMoneyMatter-China-budget
\nChina to unveil budget deficit
\nJP\/MALAYSIA<\/p>\n
China to unveil budget deficit<\/p>\n
BEIJING: China will announce a record 319.8 billion yuan (US$38.6
\nbillion) budget deficit this year, with government officials
\nciting the need to address ongoing difficulties in raising
\nincomes and spurring domestic demand.<\/p>\n
Finance Minister Xiang Huaicheng will announce the record
\ndeficit in his budget report to the National People's Congress on
\nThursday, sources with knowledge of the report told AFP.<\/p>\n
The deficit will mark a 3.2 percent increase over 2002's
\nrecord 309.8 billion yuan record deficit, which itself was 25
\npercent higher than the 2001 figure.<\/p>\n
Xiang is expected to cite uncertainties in the global
\nsituation, especially over oil prices, insufficient domestic
\ndemand, an irrational supply structure and lagging problems in
\nthe reform of state-run enterprises as the reasons to continue
\nthe fiscal pump priming.<\/p>\n
The finance minister will also announce that only 140 billion
\nyuan in special government construction bonds would be issued
\nthis year, a slight retreat from the 150 billion yuan in special
\nT-bills allotted in each of the last five years as the government
\npumped funds into the economy. -- AFP<\/p>",
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