In 1976 Hong Kong was our 28th largest market, now it is in 17th
position and our second largest market in the Far East after Japan.
It accounts for approximately 1.3% of total UK exports by value
compared with 0.8% in 1976.
Last year, for the third year running, the level of UK visible
exports to Hong Kong exceeded £1 billion, an increase of 8% over
1988. This is well over twice what we export to China and almost
half what we export to Japan, a country with a population 20 times
the size of Hong Kong.
All in all an impressive achievement but that is not the full
story. Harder to quantify, though nonetheless important, is the
size of our trade in the invisibles sector, where the UK has
special expertise. It is estimated however that the revenue from
invisibles is at least as large as that from merchandise. Those of
you present from banks, consultants, law firms etc will know how
important services are in a modern economy and will, I am sure,
support the proposition that the export of services is just as real
and just as important as the export of goods.
!
The balance of our bilateral visible trade continues to be very
much in Hong Kong's favour, due, in no small part, to the excellent
work of the Hong Kong Trade Development Council whose new
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