56
INDUSTRY AND TRADE
development in this area. The first state of a new reclamation scheme is now in progress at Castle Peak. Planning is also in progress for a limited first stage of reclamation at Sha Tin.
In the development areas of the Tsuen Wan complex, Kwun Tong and neighbouring Sam Ka Tsuen, purchasers of industrial land leases can pay by instalments over 20 years. Purchasers of industrial land elsewhere in the Colony can pay in four equal interest-free instalments spread over two years. During 1968 there was greater demand for land for industrial development and nine industrial sites were auctioned. Towards the end of the year, sub- stantial interest was shown by industrialists in purchases of land in the Kwai Chung area.
EXTERNAL TRADE
Hong Kong's external trade in 1968 advanced to a record level; the combined value of imports, exports and re-exports of merchan- dise trade reached $23,042 million, an increase of $3,812 million or 20 per cent over that for 1967. This was due to remarkable rises in domestic exports and imports of 26 per cent and 19 per cent respectively. Cargo tonnage by all means of transport totalled 11.9 million tons. Trade statistics, including a breakdown by coun- tries and commodities and comparisons with previous years, are contained in Appendices XV to XXI.
Imports were valued at $12,472 million. Although domestic supplies of agricultural produce and fish are substantial, most of Hong Kong's foodstuffs have to be imported, and food was the principal import, valued at $2,468 million, representing 20 per cent of all imports. The chief items of edible imports were rice and other cereals, fruit and vegetables, live animals, fish and fish prepara- tions, meat and meat preparations, and dairy products and eggs. Imports of raw materials and semi-manufactured goods for industry included textile yarn and fabrics, raw cotton, base metals and plastic moulding materials. Capital goods imported included machinery and transport equipment, while mineral fuels were also imported in large quantities.
The sources of imports are determined by proximity, prices, speed of delivery and by traditional trade relationships. Japan overtook China as Hong Kong's principal supplier in 1968, providing