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On December 9th, the Community adopted three regulations in their approach to a common commercial policy. All dealt with quotas.
The first lists products on which no member at present imposes quotas and agrees that deletions could only be made by weighted majority vote. Provision is made for enlarging the list by removing existing single State quotas. The second provides for the establishment of common commodity quotas on goods at present subject to differing national quotas among the six. The total quota would be allocated to individual members. The third regulation sets up a procedure for watching goods which are too sensitive to be completely freed of quota restrictions, but not sensitive enough to need them at present. Hong Kong was mentioned as one of the low wage producing countries from which such goods might come.
HONG KONG TRADE The total trade of Hong Kong for October 1968 and for the first ten months of 1968 and 1967 is as follows:
Imports
Exports
Re-Exports
H.K. Millions
Oct.1968
1,226
Jan/Oct.1968
Jan/Oct.1967
10,138
8,364
856
6,798
5,321
208
1,737
1,725
Japan has now become the largest supplier of Hong Kong with 21.5% (19.0) followed by China 19.1% (22.0) the U.S.A. 14.3% (13.2) and the U.K. 8.8% (9.8).
The U.S.A. is the largest buyer of Hong Kong manufactured goods, taking no less than 41% (37.5) of the total followed by the U.K. 16.4% (17). Figures in brackets are the corresponding percentages for January/October 1967.
Exports of manufactured goods to all destinations have risen by 28% in the 10 months, a really remarkable achievement even after due allowance for the changes in the value of the Hong Kong dollar. The group exceeding this figure in order of absolute importance, giving also the percentage rises are clothing 31%. miscellaneous manufactures 33%, electrical goods 30%, professional, scientific, optical, clocks and watches 62%, travel goods 62%, machinery non electric 60%. These figures are of interest as showing the relative growth of the non textile sectors of industry.
The Hong Kong figures for imports from the U.K. for the first ten months of the year show a rise of only 8.3%, but this would have been about 19.3% at constant exchange rates. This compares with the increase of 21.1% as shown in the figures of the U.K. Customs.
There remains a large discrepancy between the exports as recorded Imer linke by the U.K. customs and the corresponding imports as recorded by Hong Kong. For the first ten months of this year, U.K. exports to Hong Kong were £63.4 millions F.0.B. but Hong Kong imports from the U.K. for the same period were $889.9 million or £61.3 million C.I.F. at current exchange rates.
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QUOTA SHIPMENTS Quota shipments of cotton goods from Hong Kong to Britain up to the end of October 1968 amounted to 175,866,846 square yards leaving 12,831,654 available for shipment during the last two months.
THE BRITISH BOOK PUBLISHERS MISSION which has recently completed a visit to Hong Kong and Japan, has announced its decision to make Hong Kong its "warehouse" for the Far East and South East Asian markets. British publishers will also consider having more printing done in Hong Kong. will presumably now be left to the individual publishing companies to make their own arrangements.
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