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manufactured goods than any other developing country and we are the largest exporters of clothing and toys in the world. On top of that, we are the biggest financial and communications centre in South East Asia and the most popular tourist
destination in the region.
6.
The
What has been the engine of this growth? Essentially it has been exports and capital investment. Hong Kong economy is probably more externally oriented than any other in the world. The inward and outward monetary transactions flowing through our financial system amount to almost £400 million a week, that is getting on for £20,000 million a year, or more than six times our Gross Domestic Product of somewhat over £3,000 million. Our exports and imports of goods alone are twice the Gross Domestic Product and to this has to be added tourism, shipping, insurance and a vast range of financial transactions.
7.
This external dependence is also illustrated by the fact that virtually all the raw materials used in Hong Kong, more than three quarters of our food, all our fuel and most of our consumer goods and capital equipment is imported. And, in return, as much as 90% of our industrial production is exported. We regularly run a deficit on our visible trade and make it up by earnings on tourism and other invisibles.
8.
As regards the pattern of Hong Kong's trade, we export to most countries in the world, but more than 70% of our exports go to Western Europe, North America and Australia. More than 40% of our imports come from China and Japan, roughly the same from each. China is a large supplier of food, cheap consumer goods and some raw materials and Japan mainly supplies raw and semi-finished materials, capital goods and more sophisticated consumer goods. But Hong Kong also imports large amounts from the United States, Britain,