importance to Hong Kong's trade, the prospects for the year 1948 may be viewed with confidence. The United Nations Economic Commission for Asia and the Far East has now begun the attempt to form some economic order and progress out of chaos and it is to be hoped that in their task they will make full use of Hong Kong's unrivalled commercial, banking, shipping and insurance facilities.
At the end of this chapter are included a number of diagrams illustrating various aspects of the flow of trade into and out of the Colony, not only in the year under review, but also durng the period 1933-1947, with the exception of the years. 1941-1945. The following paragraphs disclose in very broad outline the sources and destinations of some of the most important commodities.
Hong Kong produces relatively little within its own borders. The trade which has made it one of the world's greatest international marts is the produce of other countries brought here for storage, resale and transhipment. Almost 50% of imports and exports consist of foodstuffs, oils, fats and textiles, while metals, chemicals, dyes, tobacco and paperware account for a further 25% of the Colony's trade. Of the British Empire markets, which accounted for 28.6% of the Colony's imports and 29.5% of its exports, Malaya took 17.6% of the latter and provided 6.6% of the former. Rubber and vegetable oils, to meet the needs of inventory account as well as current consump- tion, were the principal commodities imported from Malaya, and in return large quantities of textiles and foodstuffs were sent. The United Kingdom was the chief empire source of supply, providing 10.6% of all imports. Imports from the United Kingdom were valued at $164,500,000 or about four times as much as in 1946; and exports during the period were more than twice the value of 1946 exports. Another good market for textiles and foodstuffs was Siam.
The high prices prevailing in the United States of America, coupled with the desire to obtain gold dollar exchange has raised the importance of the American market. The principal export from Hong Kong to the United States has been wood (tung) oil, amounting to 19,600 tons during the year.
The Philippines also have become increasingly important as a customer. Altogether the Republic took 5.1% of Hong Kong's total exports, of which foodstuffs represented more than one half. Trade with China has for reasons dealt with above declined during the year. The most valuable commodity leaving China through Hong Kong has been wood (tung) oil: 33,168 tons were exported as compared with 56,832 in 1938.
Revival of trade with Japan has been a notable feature of 1947. Imports were valued at H.K.$37 millions and exports at H.K.$15 millions compared with H.K.$13 millions and H.K.$3 millions in 1938. The bulk of the imports has been in cotton yarns for local industry, and the major items of export foodstuffs and edible oils.
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