Chapter 6
Commerce
The total value of imports and exports for the year was $5,852 millions, a reduction of $754 millions (11%) compared with the 1953 total. The figures relating to the total volume of imports and exports, however, show an increase and cargo tonnages rose from the 1953 total of 5,021,866 tons to 5,176,256 tons. This difference between the value and volume figures indicates a general decrease in prices during the year. The trend of trade by value and volume from January, 1948 to December, 1954, is illustrated in diagrams between pages 90 and 91.
An encouraging feature of the year was the increase in the value of local products exported, an indication of Hong Kong's growing importance as an industrial centre, despite increased competition in overseas markets. On the other hand, restrictions on trade, consequent upon the banning of all exports of strategic goods to North Korea and China, remained in force during the year.
The value of merchandise imported during 1954 was $3,435 millions, a decrease of 11 per cent compared with the 1953 total of $3,872 millions. Imports from the United States, Belgium and Japan increased considerably but large reductions were recorded for the United Kingdom, China, Thailand and
Thailand and Western Germany.
48