INDUSTRY AND TRADE
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The value of woollen knitwear exports rose to a new record level of $272 million in 1963.
INDUSTRIAL DIVERSIFICATION
Whilst textiles still dominate Hong Kong's industrial economy, the search for new products, materials and processes is never end- ing. As an example, processes ranging from spinning of polyester/ cotton and polyester/viscose yarn mixtures to the finishing and dyeing of the fabric itself are now being carried out in leading textile mills. Other well established industries have similarly under- gone internal diversification in product ranges and quality. The manufacture of plastics, one of the Colony's largest sources of employment, is a prime example. From very simple beginnings this industry now produces an extremely wide range of products, includ- ing plastic flowers which are now world-famous. Household furni- ture of polypropylene, foam plastic articles, and PVC coated fabric are among the more recent additions.
A striking example of diversification is the electronics industry, which was not established until late in 1959 when one firm began assembling transistor radios from wholly imported parts. There are now more than 20 factories manufacturing or assembling transistor radios. As an indication of the growth of this industry, exports of transistor radios in 1963 totalled over 2,550,000 sets valued at $68 million as compared with 1.04 million sets valued at $37 million in 1962, and 263,000 sets valued at $12.7 million in 1961. The United States and Britain were the principal buyers. The manufacture of electronic component parts has also made great headway. Silicon transistors are now being produced in Hong Kong by a large American concern, whilst electronic com- ponents such as condensers and transformers are being made in the Colony in large quantities, either under licence or as a joint venture with foreign interests. Other new industries in recent years include the manufacture of air conditioners, plywood, carpets, and other furnishings, stainless steel cutlery, electric fans, clocks, cameras, binoculars and other optical equipment.
LAND FOR INDUSTRY
To offset the shortage of flat land, Government continues to level hills and use the spoil to reclaim land from the sea. The