COMMERCE
with $1,350.2 million in 1952. Trade, however, fell away noticeably during the second half of the year due to a lack of buying interest on the part of China which, as a result of the Colony's stringent export controls on strategic materials, is placing increasing reliance on supplies from other countries. The operation of the strategic controls placed a heavy burden on the resources of the department of Commerce and Industry.
Thailand
Owing to a shortage of foreign exchange and heavy overstocking of unessential imported goods, Thailand imposed import restrictions in November, which had the effect of reducing imports from Hong Kong in December to only $7.1 million, compared with the monthly average for the year of $17.2 million.
Italy
Italian restrictions announced in March 1953, on the import through Hong Kong of Chinese origin goods, caused Hong Kong exports to Italy to slump from $24.4 million in the first half of the year, to only $1.6 million during the second half of the year.
Exports of Hong Kong products
The total value of exports of items of local manufacture (which are recorded separately in the trade classification list) amounted to $635 million in 1953. Approximately 30% of the Colony's exports consist of locally manufactured goods, among them being cotton yarn, cotton piece-goods, singlets and shirts, leather and rubber footwear, enamelware, alumini- umware, electric torches and batteries, and iron and steel.
The principal local products exported during the year are illustrated in the diagram facing this page and further details are given in chapter 6.
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