G.F. 323
CONFIDENTIAL #
機密
Chapter 2
EXTERNAL TRADE
6.
Introduction
12.
With the total value of external trade at twice the size
of Hong Kong's gross domestic product, the importance of external
trade to Hong Kong needs no further emphasis. The recovery in the
major industrialized economies has created an unexpectedly high
demand, led by a replenishment of stocks, for light manufactured
products. Hong Kong received a substantial increase in orders for
manufactured products towards the end of 1975 and at the beginning
of 1976. Thus 1976 was on the whole a busy year for manufacturing
and external trade, for Hong Kong and for its competitors alike.
Nevertheless, there was a temporary slow down in the growth of the
economies of the major industrialized countries towards the middle of
1975; and they are expected to grow at only a modest rate in 1977.
The fact that consumer demand in these countries was lower in the
second and third quarters of 1976 than expected probably indicate
This would account that a high level of stocks had been built up.
for the reduction in orders on hand for the clothing and textiles
industries in the last quarter of 1976 (referred to in paragraph 72 ).
Domestic exports
13.
Increased world demand brought the value of Hong Kong's
domestic exports in 1976 to HK$32,629 million, 43% higher than in
1975. This was the highest yearly increase recorded since 1950.
The high growth comfortably recovered the ground lost during 1975.
Between 1974 and 1976, the average annual rate of growth in the
value of domestic exports was 19%, the same as the average annual
rate of growth between 1967 and 1974.
CONFIDENTIAL
機密