UK/HONG KONG TRADE
£ million
UK Imports
UK Exports
1970
128.4
99.5
1971
165.0
104.0
1972
184.7
101.0
9 months '72
128.7
69.4
9 months '73
184.5
92.3
1. Although Hong Kong was once a captive market for Britigh products, she has progressively diversified her sources of imports. There is now no built-in preference for British goods and all products compete equally on the basis of price, delivery and technical backing. Who expansion of Hong Kong's industrial and commercial sectors in recent years and the growth in external trade has been accompanied by a decline in the UK's share of the market to 6.6% in 1972. Conversely, our principal competitor, Japan, has increased hers to 239. Britain ranks fourth as a supplier to the Hong Kong market, our major export items being machinery and transport equipment.
2.
UK imports from Hong Kong at £165n have continued to increase over the past 10 years and in 1972 were up by 123 on 1971, Figures for January to September 1973 show an increase of 43% over the corresponding period in 1972; clothing accounts for half the increase, despite voluntary restraints on cotton and polyester/ cotton textile exports to Britain. The balance of trade is increasingly heavily in Hong Kong's favour. Pressure from the knitwear industry for quota controls on imports from Hong Kong have been resisted by HiG, as has similar pressure from the cutlery industry, and from some of our EEC partners for comprehen- sive restraints on imports of textiles.