INDUSTRY AND TRADE
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While the growth of the plastics and electronics industries illustrate how quickly Hong Kong can react to export opportunities, older established light industries of many varieties have continued to develop and expand. They include the manufacture of air- conditioners, aluminiumware, clocks and watches, cordage, elec- trical appliances and equipment, enamelware, food and beverages, footwear, light metal products especially stainless steel ware— optical and photographic equipment, paint, vacuum flasks, furniture and furnishings. The manufacture of hair wigs has developed dramatically during the last few years, the principal market being the United States. Exports during 1967 were valued at $197 million. Some 9,620 workers are employed in their manufacture.
HEAVY INDUSTRIES
Hong Kong's major shipyards are equipped to build ocean-going vessels of more than 10,000 tons deadweight and also to construct and install engines. At the other end of the scale, pleasure-craft and utility vessels of all kinds, including ocean-going yachts, vehicle and passenger ferries, sloops, cruisers, speedboats of wood and fibre glass, yawls and steel lighters are regularly produced for local use and for export. The traditional Chinese junk, slightly modified from the basic design used for many centuries, has also been exported as a comfortable and stable pleasure-craft.
Activity in the shipbreaking industry has declined considerably since 1961 and the tonnage of ships broken up during the year dropped again. Steel rolling mills, which used to depend primarily on the scrap obtained from shipbreaking, are now more dependent upon imported steel billets and locally collected scrap. These mills produce mild steel bars, window sections, angles and channels and other metal products used in building construction. Although some rods and bars are shipped abroad, principally to South-East Asian countries, the steel mills rely heavily on domestic sales which have suffered from the recent decline in the building industry. Several rolling mills produce brass and aluminium sheets and circles, most of which are used for the manufacture of consumer goods. Recently the industry has had to face severe competition from imported bars and rods selling at lower prices and, as a result, many mills are operating at reducing capacity. The industry is