G.F. 323
A
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8.
at the turn of the year coincided with general over supply of raw
materials; and it was only short tera limits in capacity that
transformed part of the excess downd for manufactured products
The situation was reversed towards the
into price increases.
second half of 1976. As consumer demand in Hong Kong's major
markets eased off, exorters had to stabilize prices to remain
competitive. Furthermore, the general increase in industrial
production world-wide has led to a scarcity of raw materials and
semi-manufactures which explains the increase in their prices in
the latter half of 1976.
Domestic exports to main markets
1:7
A
Table 5 gives the value of domestic ex orts to Hong Kong's
main markets. The United States remained the most important market
for Hong Kong roducts, taking roughly one-third of total domestic
exports. Between 1973 and 1976, the value of domestic exorts to the
United States grew at an average annual rate of 18%, the drop of 1%
between 1974 and 1975 being more than offset by the 53% increase
between 1975 and 1976. Although the German market grew comparatively
slowly between 1975 and 1976, the average annual rate of increase in
the value of long Kong's domestic exports to Germany between 1973
and 1976 reached 28%. The growth of the value of domestic exports to
the United Kingdom was less dramatic. After decreasing by 2,1 in
1974 on 1973, the value of domestic exports to the United Kingdom
remained at the same level in 1975 but increased by a comparatively
modest 18% in 1976. So, Germany in 1975 replaced the United Kingdom
as the second largest market for Hong Kong's domestic exports.
[Table 5, Diagram 2 J
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