INDUSTRY AND TRADE
13
to continue although the total number of export restraint agreements now in force will severely limit the industry's future growth.
The spinning mills, operating some 904,738 spindles, are among the most modern in the world. In 1973, production of cotton yarn was 286 million pounds, compared with 254 million pounds in 1972; this was achieved despite difficulties in securing adequate supplies of raw cotton from Pakistan, the deficiency being made good by increased purchases from the United States. The popularity of man-made fibre textiles has continued to grow and there was a further upsurge in the production of man-made fibre yarn and cotton man-made fibre blended yarns. During the year, production increased by 18 per cent to 86 million pounds. Production of woollen and worsted yarn amounted to 21.5 million pounds, a figure similar to that reached in 1972. Most of the yarn production of all fibres was consumed by local weavers.
The weaving sector, with 24,222 looms, produces fabrics of various fibres and blends. Total production increased by 6.4 per cent to 853 million square yards in 1973, of which 83.2 per cent was of cotton, 16.8 per cent man-made fibres or blends containing such fibres, and 0.3 per cent wool. The demand for cotton piecegoods remained strong, while man-made fibre fabrics further consolidated their position in the market.
In the knitting sector, exports of fabrics registered an increase of 14 per cent to 16.3 million pounds, of which 64.1 per cent was of man-made fibres, 35.7 per cent cotton, and 0.3 per cent wool. A substantial part of production of knitted fabrics of all fibres was used by local clothing manufacturers.
こ
The finishing sector, comprising 366 registered establishments, continues to handle an ever increasing yardage of fabrics for bleaching, dyeing, printing and finish- ing by various other processes, such as heat-transfer printing. This sector offers sophisticated support facilities to spinners, weavers and knitters.
The manufacture of clothing continues to be the largest sector of the textile industry, with 4,597 firms employing 178,991 workers, and producing a wide variety of quality items, including fashion knitwear which continues to be in great demand. Total domestic exports of clothing in 1973 amounted to $7,382 million, an increase of 20.7 per cent over 1972. Garments of man-made fibres accounted for 43 per cent by value of all clothing exports.
Other Light Industries
.
As a result of growing competition in manufactures from other Southeast Asian countries, of which Hong Kong is a major producer and seller, local industrialists have had to adapt their operations and move into more sophisticated product lines. The most dramatic growth has been in the electronics industry which has now over- taken plastics as the second largest export earner, accounting for 12.4 per cent of domestic exports. The products manufactured cover a wide range of hardware, such as computer memory systems, transistors, integrated circuits and high grade semi- conductors. Also, consumer items such as desk and pocket electronic calculators, transistor radios, televisions and tuners. The 335 factories established in 1973 employed 55,428 workers and contributed $2,371 million to Hong Kong's domestic exports.)