74
INDUSTRY AND TRADE
completely and has, to some extent, been replaced by a newer kind of trade in which Hong Kong acts as a warehouse for prod- ucts from the developed countries to be marketed in south-east Asia and the islands of the Western Pacific; re-exports now represent less than a quarter of total exports, such is the now dominant role of local industry.
TRADE
The value of merchandise imported, exported and re-exported in 1963 amounted to $12,403 million, an increase of over 12 per cent on the total for 1962 and the highest annual total ever recorded. Imports and domestic exports rose considerably in value and although re-exports rose by eight per cent, the increase in value was moderate by comparison. Cargo tonnages by all means of transport were 10.7 million tons, as against 9.5 million tons in 1962. The main features of the Colony's trade for the past two years, and a breakdown by countries and by commodities for the years 1961 to 1963, are given in Appendix IV*.
Imports in 1963 were valued at $7,412 million, which was 11 per cent higher than the previous year. Although domestic supplies of agricultural produce and fish are substantial, most of the Colony's foodstuffs have to be imported. Food was therefore the principal import, representing nearly 23 per cent of all imports and being worth $1,733 million, which was an increase of eight per cent over 1962. The chief items of edible imports were rice, live ani- mals, fruits and vegetables, dairy products, sugar and sugar prepa- rations, and fish and fish preparations. Other imported consumer goods included medicinal and pharmaceutical products, watches, radios, gramophones, tape recorders, tobacco and alcoholic bever- ages. Of considerable importance were the imports of raw ma- terials, and semi-manufactured goods for use in the Colony's industries, such as textile yarn and fabrics, raw cotton, base metals and plastic moulding materials, and capital goods such as ma- chinery and transport equipment, and mineral fuels and lubricants.
The sources of imports are determined by proximity, prices, speed of delivery and by traditional trade channels. China was the Colony's principal supplier with 20 per cent by value of all
* See also graphs between pages 56 and 57.