CONFIDENTIAL
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favour. This changed drastically in 1988, when there was a surplus of HK$3 billion in South Korea's favour. One possible explanation for such a turn around relates to the
different product patterns of the exports of China and
South Korea to each other. South Korea's exports to China consist mainly of light manufactured goods and
semi-manufactures as well as machinery for light
industries, which are mainly destined for South China and
hence are likely to use Hong Kong as an entrepôt. On the
other hand, a sizeable proportion of China's exports to
South Korea consists of basic raw materials and minerals
produced in North China and these are more likely to be shipped to South Korea direct.
Re-exports of China origin to South Korea
(HK$ Mn)
Re-exports of South Korean
origin to
China (HK$ Mn)
Trade surplus in favour of South Korea
(HK$ Mn)
-74
1979
103
29
1980
166
225
59
1981
413
811
398
1982
569
338
-231
1983
839
327
-512
1984
1,445
1,254
-191
1985
1,943
2,769
826
1986
2,939
2,155
-784
1987
5,065
4,196
-869
1988
6,559
9,554
2,995
Commentary
10.
The indirect trade between China and South Korea
provides further evidence of how countries can benefit
from international trade if there are differences in their
resource endowments and they are at different stages of
CONFIDENTIAL #2
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