HONG KONG - The values of Hong Kong's total goods exports and imports recorded year-on-year falls in March, of 6.8 percent and 4.7 percent, the city's Census & Statistics Department said Tuesday.

The value of total goods exports, comprising re-exports and domestic exports, dropped 6.8 percent over a year earlier to HK$262.4 billion ($33.8 billion), after a year-on-year increase of 14 percent in February. Within this total, re-exports' value fell 6.4 percent to about HK$257.5 billion in March, while domestic exports' value slumped 23 percent to HK$4.9 billion.

Goods imports' value fell 4.7 percent over a year earlier to HK$306.3 billion, after a year-on-year increase of 20.8 percent in February. A visible trade deficit of HK$43.9 billion, equivalent to 14.3 percent of goods imports' value, was recorded.

For the year's first quarter, total goods exports' value dipped 1.5 percent over the same period in 2011. Within this total, re- exports' value fell 1 percent, while domestic exports' value tumbled 24.1 percent.

As the value of goods imports nudged up 0.7 percent, a visible trade deficit of HK$98.5 billion, equivalent to 11.2 percent of goods imports' value, was recorded in the first quarter.

Comparing the first quarter with the preceding quarter on a seasonally adjusted basis, total goods exports' value rose 3.3 percent. Within this total, re-exports' value rose 3.4 percent, while domestic exports' value slipped 1.3 percent. Goods imports' value rose 1.1 percent.