- 4.
1976 in the value of British exports to textiles and clothing as
a whole, and considering the high proportion of British production
which is exported (we do not have precise production figures but.
we believe that in 1976 the UK's exports of textiles and clothing
were equivalent to 2% of British consumption and 84% of British
imports), it seems to us that the UK industry is doing quite well.
In addition to this there are also, as I have mentioned, the recent
reports in the UK press of increased profits for some of the UK's
largest textiles corporations - and I refer here to the recent
financial statements of Courtaulds, ICI. and Coats Patons. These
are, I understand, among those sectors of the UK industry which are
making the most vocal demands for incr.ased protection. I am sure
I need not point out to you the inequities of the situation expecially
when seen from the point of view of Hong Kong manufacturers who will
be at the receiving end of any restrictive policies on textile
imports which may be pursued by the EEC both multilaterally and
bilaterally.
10.
I will now turn briefly to the Hong Kong industry. It is
as you well know very vulnerable to external forces. Our overall
exports of textiles and clothing as a whole increared substantially
in 1976 and you will probably say that we are in a healthy state.
But we are not. I will not quote figures but, if you look at our
industry sector by sector, you will find that the spinning and
weaving sectors did not do as well as the garment sector even in
1976 and were only able to recover from the recession in 1974 and
1975 because of the demand generated by the boom in our garment
exports in 1976. Going back to the overall picture, in the first
four months of 1977, in spite of incronses in value, our exports
to the UK of restrained textiles and clothing items dropped by
5