54
INDUSTRY AND TRADE
States and Britain. The United States, remaining the largest market, took 42 per cent by value and increased her purchases by $942 million or 27 per cent. The value of all goods sent to Britain was $1,465 million, 14 per cent of all domestic exports. The Federal Republic of Germany, Hong Kong's third largest market, purchased Hong Kong manufactures worth $765 million during the year. Other growing markets of importance included Canada, Japan, Australia and Singapore but domestic exports go to practically every country in the world.
The entrepôt trade has sustained its role in external trade. The value of re-exports in 1969 totalled $2,679 million, an increase of 25 per cent over 1968. This was 20 per cent of the total combined value of exports of Hong Kong manufactures and re-exports of imported goods. During 1969 Japan remained the most important re-export market, followed by Singapore, Indonesia, the United States, Taiwan, and the Republic of Vietnam. The principal com- modities in the re-export trade were textile fabrics, diamonds, medicinal and pharmaceutical products, and crude animal vegetable materials. Re-exports of goods originating in China amounted to 27 per cent of all re-exports.
INTERNATIONAL ECONOMIC RELATIONS
As the United Kingdom has acceded to the General Agreement on Tariffs and Trade on behalf of Hong Kong, the Colony's exports attract most-favoured-nation tariff treatment in the majority of its overseas markets and are thus accorded a degree of protection against discriminatory import restrictions by members of GATT. Nevertheless difficulties do occur from time to time, and the Com- merce and Industry Department is responsible for such action as is necessary and practicable at official level to resolve them. During the year, Hong Kong made representations, outside the field of cotton textiles which are covered by their own particular arrange- ments, to the governments of Algeria, Greece, France and the Republic of Ireland.
Hong Kong continued to follow closely developments in the European Economic Community, particularly in regard to the formulation of a common commercial policy. As the community provides a market already worth over $700 million a year, Hong