SACK ST
Trade with Britain
Resistence to Exports
25. Textiles still account for a high though declining
percentage of total exports (about 45%). Well over a half of
Hong Kong's exports go to three markets (United States,
United Kingdom on Western Germany) but sales to some other
countries in Western Europe are rapidly increasing. Hong
Kong consistently imports more than it exports but in recent
years the adverse balance has bee more than made up by
inflors of capitel and by earnings from shipping, insurance
and banking services and from tourism.
26. Hong Kong tr de with the United Kingdom shows a
considerable imbalance in Hong Kong's favour. The British
market, which took approximately 14% of Hong Kong's domestic
exports in 1969, is important to the Colony not only because
of its size but also because of the benefits of Commonwealth
preferences. These provide Hong Kong industry with the
opportunity to try out new products in a "domestic market"
which le lacking in Hong Kong. United Kingdom exports to
Tiong Kong in 1969 totalled £827. (or 8% of all Hong Kong
imports). Our exports, while showing an increase in value
in the last few years, represent a continually shrinking
share of the Hong Kong market, of which Japan (23%), China
(18%) and the USA (13%) hold the largest shares. The main
British exports are machinery, non-metallic mineral
manufactures, textile yams and transport equipment.
27.
The success of Hong Kong exports has led to counter
pressure from industries in importing countries for import
restrictions cn Hong Kong goods. This pressure first
developed in the field of cotton textiles and exports of such
products to a number of countries are now restricted by
SECRET
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