G.F. 323
14.
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As the rapid recovery started in the spring of 1975,
7.
a comparison of the value of domestic exports for the same quarters in 1975 and 1976 shows higher growth for the first two quarters of
1976 and lower rates for the last two quarters.
15.
Table 4
Diagram 17
These changes in the value of domestic exports reflect
For the first three quarters movements in both price and quantity. of 1976, the quantum index of exports was 32% higher than for the corresponding period a year ago. The seasonal pattern for domestic exports includes a slight reduction in quantity for the fourth from the third quarter. Consistent with this pattern, the quantum index of domestic exports for October and November and the value of domestic exports for December suggest that the decrease in quantity for the full fourth quarter of 1976 will be roughly 1% to 2%. Even so, the quantity for the fourth quarter will be about 24% to 25% higher than for the corresponding quarter in 1975, giving an increase of about 29% for the whole of 1976 over 1975.
16.
Prices of domestic exports, as measured by the unit value index, for the first three quarters of 1976 were 11% higher than
This increase reflected both in the corresponding period in 1975. trading up in Hong Kong's products and a strong demand overseas for them. The increase was rapid in the second half of 1975 but
thereafter levelled off. Movements in the prices of exports and of imported raw materials and semi-manufactures were not the same. These import prices remained stable during the second half of 1975 and the first half of 1976 but started increasing in the third quarter of 1975. So, the large increase in demand for exports
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