450
450 Hong Kong
Sold through wholesale markets during 1979/80 were 183,600 tonnes of locally produced vegetables, valued at over HK$429 million and 189,800 tonnes of fish valued at nearly HK$1,191 million. Local pigs and poultry production was valued at HK$216.4 million and HK$458 million respectively.
NEW CONSUMER PRICE INDEX (A)
Households with monthly expenditure between HK$400 and HK$1,499
July 1973-June 1974 = 100
1977 Monthly Average
1978 Monthly Average
1979 Monthly Average
1980 Monthly Average
1981 January-September Average
117.7
124.7
139.2
160.8
182.3
NEW CONSUMER PRICE INDEX (B)
Households with monthly expenditure between HK$1,500 and HK$2,999
July 1973-June 1974 100
1977 Monthly Average
1978 Monthly Average
1979 Monthly Average
1980 Monthly Average
1981 January-September Average
117.9
124.9
139.3
160.3
180.8
Since it was founded, Hong Kong's basic resources have remained the same: a superb natural harbour and a pragmatic and industrious people. Until World War II, when Hong Kong was occupied by the Japanese from 1941 to 1945, Hong Kong's key function was an entrepôt for trade with China. But when the United Nations placed a trade embargo on China during the Korean War in the early 1950s, Hong Kong could no longer rely on its port to provide prosperity for its greatly increased popu- lation.
The historic diversion into manufacturing has resulted in Hong Kong becoming a leading producer of textiles and clothing, electronic products and plastic goods, including toys, watches and clocks. The factors which have given Hong Kong its international reputation as a major manufacturing and commercial centre are still at work. Among these are the consistent economic policies of free enterprise and free trade; a diligent workforce; a sophisticated commercial and industrial infrastructure; a port which includes one of the world's three busiest container terminals; a centrally-located airport with a computerised cargo terminal; and excellent world-wide communications.
Hong Kong, which lies on the main sea and air routes of Asia, is now established as an industrial territory with an economy based on exports rather than on entrepôt trade. Although entrepôt trade is still significant, accounting for 30 per cent of total exports, it has declined from its traditional supremacy as a result of political changes in China. The following table shows the overseas trade of Hong Kong for the last three years:
Imports Exports
Re-exports
1979 Jan.-Sept.
1980 Jan.-Sept.
1981 Jan.-Sept.
HK$ Million
HK$ Million
HK$ Million
61,019
79,927
100,859
39,680
49,933
58,089
14,336
21,129
30,213
DOMESTIC EXPORTS
Jan.-Sept. total value HK$58,089 million
per cent
of all
exports during Jan.-Sept.
1981
Articles of apparel and clothing accessories
35
Miscellaneous manufactured articles
16
Photographic apparatus, equipment and supplies
and optical goods; watches and clocks
10
Electrical machinery, apparatus and appliances, and electrical
parts thereof
7
Telecommunications and sound recording and reproducing
apparatus and equipment
7
Textile yarn, fabrics, made-up articles, and related products