INDUSTRY AND TRADE
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exports of these products during the year were valued at $1,881 million, compared with $1,393 million in 1976.
Other important light industries produce travel goods, handbags and similar articles; metal products; jewellery; domestic electrical equipment; and electrical machinery, apparatus and appliances.
Heavy and Service Industries
Shipbuilding and repairing remained an important heavy industry. Hong Kong ship- yards provide a competitive repair service and many of the smaller shipyards also build a variety of small vessels, particularly pleasure craft and yachts. Plans are in hand for the establishment of several large shipbuilding and repair yards on Tsing Yi Island. The Kwai Chung Container Terminal, which handled the equivalent of 1.2 million 20-foot containers in 1977, together with its complementary repair and manu- facturing facilities, also has enhanced Hong Kong's position as one of the leading ports in Asia.
The aircraft engineering industry has a high international reputation and provides maintenance, overhaul and repair facilities for most airlines operating in Asia.
The manufacture of machinery, machine tools and their parts provides useful support to other local industries, and also contributes to Hong Kong's export trade. Of particular importance are blow moulding, injection moulding and extrusion machines of up to 3,396-gram capacity for the plastics industry; power presses; lathes; shapers; printing presses; and textile knitting and warping machines.
External Trade
Total merchandise trade in 1977 amounted to $93,534 million, an increase of 10 per cent over 1976. Imports rose by 12 per cent to $48,701 million; domestic exports by seven per cent to $35,004 million; and re-exports by 10 per cent to $9,829 million. Compared with 1976, the growth rate of domestic exports showed a considerable levelling-off, mainly because of market conditions and increased import restrictions affecting textile sales. Appendices 3 and 4 provide summary statistics of external trade, including an analysis with breakdown by countries and comparisons with previous years.
Hong Kong is almost entirely dependent on imported resources to meet the needs of its 4.5 million people and the requirements of its diverse industries. In 1977, imports of raw materials and semi-manufactured goods totalled $20,391 million, representing 42 per cent of the year's total imports. The main items imported were fabrics of man-made fibres ($1,891 million), iron and steel ($1,369 million), raw cotton ($1,326 million), watches and clock movements and parts ($1,286 million), woven cotton fabrics ($1,267 million) and plastic moulding materials ($1,042 million). Imports of consumer goods valued at $11,436 million represented 23 per cent of total imports. The principal consumer products imported last year included diamonds ($2,060 million), clothing ($952 million), watches ($886 million), and radios, television sets, gramophones, records and tape recorders ($685 million). The total value of foodstuffs imported amounted to $7,541 million or 15 per cent of total imports. Imported foodstuffs consisted mainly of items such as fish and fish preparations ($977 million), fruit ($941 million), meat and meat preparations ($896 million), swine ($895 million)
URBAN COUNCIL I IBRARIES