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5.
There is a common misconception that UK export performance is much lower in Hong Kong than in the world generally. This arises, typically, from comparing the UK share of the total Hong Kong import market at about 2.1% with the UK share of world trade, which is quoted as being about 8%. In fact, these two figures are not comparable. The UK share of world trade at 8% relates,
8% relates, firstly, to trade in manufactures and, secondly, to exports of 'main manufacturing countries' only.
6.
A valid method of assessing the UK export performance in Hong Kong is to compare it with that achieved by other main industrial suppliers in relation to their average world performance. Such a comparison is shewn in Table 4* covering the seven countries that participate at Economic Summit Meetings: UK, West Germany, France, Italy, USA, Canada and Japan. It will be seen from column (d) in the table that:
a)
b)
c)
d)
the UK performance at 63% is somewhat below its world average;
the USA performance is a little above its world average, reflecting perhaps lower than average performance in the EEC and high manufacturing investment in Hong Kong (some five times greater than the UK's);
Japan's performance is well above its world average, but typical of its performance in the region;
West Germany and France achieve only one third of their average world performance in Hong Kong, and Italy less than two thirds.
On
To compare the UK on this basis (relative Hong Kong/world performance) with Japan and USA is not to compare like with like; to compare her with other European countries is. such a comparison,
comparison, the UK performance in Hong Kong is nearly twice as good as her like competitors.
June 1992
Hong Kong Government Office
London
Statistics for world performances in 1991 are not yet available. This table is therefore based on 1990 statistics. A final version of this paper updating this table to 1991 will be issued later.
UKSTAT91.pap