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Feb exports value down 0.8%

The value of Hong Kong’s total exports decreased to $284.1 billion in February, down 0.8% on the same month last year, the Census & Statistics Department announced today.   The value of imports of goods fell 1.8% to $325.7 billion for the same period.   A trade deficit of $41.7 billion, or 12.8% of the value of imports, was recorded in February.   Comparing the three-month period ending February with the preceding three months on a seasonally adjusted basis, the value of exports rose 5.5%, while that of imports also increased 3.3%.   The Government noted that taking the first two months of the year together to remove the volatility caused by the difference in timing of the Lunar New Year, the value of exports posted a 16.6% growth against a very low base of comparison a year ago.   Exports to the Mainland and the US rose notably, while those to the European Union fell. Those to other major Asian markets recorded a mixed performance.   Looking ahead, the Gove

Patent granted under new system

The Intellectual Property Department's Patents Registry granted the first standard patent under the original grant patent (OGP) system this week, within 14 months after the application was filed.   Launched in December 2019, the OGP system creates a direct route for innovators to seek standard patent protection in Hong Kong with a maximum term of 20 years, providing an alternative to the existing re-registration route.   Secretary for Commerce & Economic Development Edward Yau said: “It's an exciting moment to see the granting of the first-ever standard patent by original grant.   “It is a milestone in the development of Hong Kong's patent system, which is a key component of the intellectual property (IP) protection infrastructure and one of the important elements for the development of innovation and technology.”   The fact that a standard patent can be obtained directly in Hong Kong without first going through the registration process outside the city provides a convenient, direct and expeditious route for patent applicants and helps attract and facilitate more such applications, Mr Yau noted.   He added it also demonstrates the efficiency and efficacy of the city's patent system.   “The Outline of the 14th Five-Year Plan for National Economic & Social Development of the People's Republic of China & the Long-Range Objectives Through the Year 2035 affirms the Central People's Government's support for the future development of Hong Kong in a wide spectrum of areas, including raising for the first time the support for Hong Kong to develop into a regional IP trading centre and an international I&T hub. We are equipping ourselves to leverage these new opportunities.”   Mr Yau pointed out that the launch and continued development of the OGP system is one of the strategic measures that the Government is pursuing to ensure that the local patent system advances with the times and meets the needs of the city's I&T and creative industries.   The invention of the first standard patent by original grant relates to the use of artificial intelligence to manage inventory in an e-commerce system.   As of May 31, the registry received 426 OGP applications, of which 33% were submitted by local residents or enterprises and 67% were from non-local applicants.   Click here for details of the OGP system.
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