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21
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28.
Putting the trade figures into perspective, the value of imports from China in the first quarter of 1987, at HK$23,172 million (US$2,970 million), exceeded the value of total exports to China, at HK$17,360 million (US$2,225 million). In consequence, there was a visible trade deficit of HK$5,812 million (US$745 million) with China. This compares with a visible trade deficit of HK$4,141 million (US$531 million) in the first quarter of
1986.
1987 Q1
HK$ Mn)
1986 (HK$Mn)
Domestic exports to China
5,552
18,022
Re-exports to China
11,808
40,894
Total exports to China
17,360
58,916
Imports from China
23,172
81,633
Visible trade balance
with China
-5,812
-22,717
29.
From China's point of view, Hong Kong was also an important trading partner, ranking second after Japan in 1986. Hong Kong was the largest single market for Chinese exports. In 1986, exports to Hong Kong accounted for 32% of China's total exports. The corresponding proportion in the first quarter of 1987 was about 33%. In
the other direction, China's imports from Hong Kong accounted for 13% of China's total imports in 1986, making Hong Kong the second largest source of supply after Japan. The corresponding proportion in the first quarter
of 1987 was 18%.
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