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HONG KONG ANNUAL REPORT
Compared with 1957 the most significant increases in exports of local products in respect of countries were: $72.44 million to the United States, $48.08 million to the United Kingdom, and $20.34 million to the German Federal Republic; and in respect of commodities, $66.95 million in outerwear, $25.84 million in foot- wear, and $12.74 million in toys and games.
The trend of the Colony's trade by value and volume for the years 1948-58 is illustrated by the graphs facing pages 74 and 75. Tables showing the principal countries trading with the Colony and the main commodities concerned, with comparative figures for 1956, 1957 and 1958, are at Appendices VII-X. Appendix XI shows the values of exports of products wholly or principally of Hong Kong origin.
Hong Kong sent a delegation to the first session of the Com- mittee on Trade of the Economic Commission for Asia and the Far East held in Bangkok in January 1958. In March another delegation attended the fourteenth session of the full Commission which took place in Kuala Lumpur.
The Colony was also represented at the Commonwealth Trade and Economic Conference held in Montreal in September.
TRADE DEVELOPMENTS
The principal developments in 1958 concerning Hong Kong's trade in local products are reviewed in Chapter 1 of this Report. Other events which have a bearing on the future prosperity of local industry are briefly described below.
The negotiations in connexion with the proposed European Free Trade Area have been closely followed, and the probable effects on Hong Kong carefully studied. The Colony is unique among dependent territories of both the Common Market countries and the prospective members of the Free Trade Area in that it has a highly-developed light industry and an extensive export trade in manufactured goods. The establishment of an European Trade Area from which the Colony was excluded could only be detri- mental to Hong Kong's economic position.
The Canadian Tariff Board published in March 1957 a factual statement of its findings on the production, consumption, marketing, and imports and exports of waterproof footwear and rubber-soled