Apart from 1979, when the Financial Secretary took steps to
reduce domestic consumption by deferring some major highway and other
public sector projects, the building and construction industry has
continued to operate at a high level. There remain many major
Government capital expenditure projects in the offing (the Island Line
replacement airport, bridges to Lantau and at Lyemun, sewage and water
schemes, public housing). This augurs well for a continued steady
growth in Hong Kong's imports of capital goods which currently account
for about 14.5% of all imports.
In his mid-year review of the economy, the Financial Secretary
revised the budget forecast for real growth in imports from 13 to 16%.
5.(ii)The trend of the UK's market share over the last five years
and prospects in the next three.
HK Imports from the UK
% Share of
Value (£m) Total Imports Retained Impor
Year
Value (HK$m)
1976
3,401
204
4.2
4.7
1977
3,152
271
4.5
5.0
1978
4,018
362
4.7
5.4
1979
6,348
442
5.1
6.0
1980
7,609
559
4.9
6.1
With the exception of 1967, 1972 and 1975, the trend of Hong
Kong imports from Britain was one of steady growth in value terms but
a declining share of the total import market from 13% in 1961 to a
nadir of 4.2% in 1976. The decline was finally arrested in 1977 and
the position improved in '78 and '79. Although the UK share of
total imports slipped once again below the 5% mark in 1980, the
massive increase in Hong Kong's re-export trade since the resurgence
of/....