TOTAL TRADE
The following table shows Hong Kong's trade with the world for the last four years.
HK$ million
CIF
FOB
%
1987 377,948 +37.0 195,254 1988 498,798 +32-0 217,664 1989 562,781 +12-8 224,104 1990 642,530 +14-2 225,875
+26.8
+11.5
+ 3.0 + 0-8
% Imports Change Exports Change Exports Change Exports Change Balance
182,780 +49.2 378,034 +36.7 + 86 275,405 +50.7 493,069 +30-4 -5,729 346,405 +25.8 570,509 +15-7 +7,782 413,999 +19.5 639,874 +12-2 -2,656
FOB Re-
%
Total
%
IMPORTS
Imports rose by 14 per cent to reach HK $642,530 million in 1990. China further expanded its market share, from 35 per cent to 37 per cent, after a value increase of 20 per cent. The value of imports from Japan has increased by 11 per cent, followed by Taiwan 9 per cent, and US 8 per cent. Imports from the UK, the eighth largest supplier, accounted for 2-2 per cent of the total.
Leading categories of imports included raw materials and semi-manufactures (38.7 per cent of total), consumer goods (38-6 per cent), capital goods (14.7 per cent), foodstuffs (5.8 per cent) and fuels (2.3 per cent).
DOMESTIC EXPORTS
Domestic exports were valued at HK $225,875 million in 1991, a small increase of HK $1,771 million or 0.8 per cent over the previous year. Slackening demand in some of Hong Kong's major markets as a result of the general slowdown of the world economy and supply side constraints (notably a labour shortage) all attributed to the modest performance. Domestic exports to the US recorded a decline of 8 per cent, amounting to HK $66,370 million in 1990, or 29-4 per cent of the total. Next came China with a 21 per cent share (HK $47,470 million, +10 per cent), FR Germany 8 per cent (HK $17,991 million, +14 per cent), UK 6 per cent (HK $13,496 million, -8 per cent) and Japan 5 per cent (HK $12,079 million,
-7 per cent).
The leading export category was still apparel and clothing accessories, accounting for 31.9 per cent of the total, followed by watches and clocks (8·1 per cent), textile, yarn and fibres (7.5 per cent), telecommunications equipment (5.6 per cent), parts and accessories for office machines and automatic data processing machines (4-6 per cent), jewellery (3·0 per cent), toys (2.4 per cent), plastic articles (2.2 per cent), plastic materials (2·0 per cent), electronic parts and components (1.9 per cent). Various rates of change in value terms were recorded in these categories, ranging from a decline of 24 per cent in toys to an increase of 27 per cent in exports of plastic materials.
RE-EXPORTS
In 1990, growth in re-exports remained high at 20 per cent to reach HK $413,999 million. It accounted for 64.7 per cent of Hong Kong's export totals compared with only 30.6 per cent in 1980. They were mainly supported by Hong Kong's cross- border manufacturing in China, particularly in Guangdong Province. Hong Kong is rapidly developing into a service and sourcing centre for the region, as evidenced by this significant growth in re-exports. Re-exports destined for China, the leading market, grew by only 7 per cent to reach HK $110,908 million, or 26-8 per cent of the total, while re-exports to the US (21·2 per cent) and Japan (5-9 per cent) were up by 22 per cent and 9 per cent respectively.
The principal commodities of re-exports were apparel and clothing accessories (11.6 per cent), textile yarn, fabrics and made-up articles (11.4 per cent), electrical machinery (9.0 per cent), telecommunications, sound recording and reproducing apparatus (8.8 per cent) and toys and games (7·8 per cent).
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