HONG KONG ANNUAL REPORT, 1954
There were no significant changes in the Colony's economic position in 1954. Commodity prices were slightly lower and the volume of visible trade was maintained at more or less the same level as last year. Imports and exports for the last four months of 1954 showed promising gains and the figures exceeded those for the corresponding period last year by $132 million (£8 million). Once again the mainland of China was the Colony's major supply source and best customer. China supplied 20 per cent of the Colony's total imports and took 16 per cent of total exports. The correspond- ing percentages last year were 22 per cent and 20 per cent respectively.
The values of imports and exports which may be compared with the 1953 figures in brackets were:-
Imports $3,435 million=£215 million ($3,871 million—£242 million)
Exports $2,417
=£151
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($2,734
-£171
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In spite of an estimated io per cent drop in export prices the total value of exports of Hong Kong manu- factures rose by 7 per cent. This compares favourably with the United Kingdom where the increase was 43% and with the whole world where the average increase was 6%. The most outstanding increase was in Japan with 17 per cent, and Japan is the Colony's keenest competitor in overseas markets. The main gains in Hong Kong exports last year were cotton piece goods ($20 million), enamel ware ($16 million), electric torches ($8 million), shirts ($8 million) and footwear ($7 million). To overcome import restrictions in certain countries in South East Asia, some Hong Kong manufacturers are establishing factories in these countries. There are already seven factories in Indonesia financed from Hong
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