INDUSTRY AND TRADE
15
Imports of consumer goods totalled $16,757 million, accounting for 27 per cent of total imports. The major consumer goods imported, many of which are, however, re-exported commercially or as tourist purchases, consisted of diamonds ($3,824 million), watches ($1,380 million), clothing ($1,297 million), radios, television sets, gramophones, records and tape recorders ($981 million) and jade and precious stones, ivory, jewellery, and goldsmiths' and silversmiths' wares ($797 million).
Imported foodstuffs were valued at $8,547 million or 14 per cent of total imports and comprised mainly fish and fish preparations ($1,161 million), fruits ($1,126 million), meat and meat preparations ($1,018 million) and swine ($923 million).
Imports of capital goods were valued at $8,165 million - 13 per cent of total imports. Major capital goods imported were electronic components and parts for machines ($1,531 million), transport equipment ($1,000 million) and electrical machinery ($778 million). Imports of mineral fuels, lubricants and related materials were valued at $2,962 million, comprising five per cent of total imports.
Japan continued to be Hong Kong's principal supplier, contributing a 23 per cent share of overall imports. China was the second major supplying source, accounting for 17 per cent of total imports. China also supplied 45 per cent of total imported foodstuffs. Imports from Japan and China were valued at $14,405 million and $10,550 million respectively, showing corresponding increases of 25 per cent and 31 per cent. Imports from the United States, at $7,519 million, represented 12 per cent of the import share. Active increases were recorded in imports from the other sources includ- ing Taiwan, Switzerland, Britain, Israel and the Federal Republic of Germany.
Domestic exports consisted almost entirely of manufactured goods, emphasising the importance of the manufacturing industry to Hong Kong. The leading export, clothing, was valued at $15,709 million or 39 per cent of domestic exports, and registered a 13 per cent growth in 1978. The manufacture of textile yarn, fabrics, made-up articles and related products contributed seven per cent or $2,869 million of domestic exports. The other important domestic exports included watches and clocks ($2,734 million, seven per cent of the total), plastic toys and dolls ($2,596 million, six per cent), radio broadcast receivers ($1,523 million, four per cent), manufactures of metal ($1,124 million, three per cent), travel goods and handbags ($913 million, two per cent) and electronic components and parts for computers ($678 million, two per cent). The direction and level of Hong Kong's export trade are directly influenced by the economic conditions and commercial policies of its main overseas markets. During the year, 37 per cent or $15,125 million of domestic exports went to the United States, Hong Kong's largest overseas market, which registered a robust increase of 12 per cent over 1977. Domestic exports to the Federal Republic of Germany ($4,426 million, 11 per cent of total) and Britain ($3,871 million, 10 per cent) recovered considerably to record growth rates of 21 per cent and 28 per cent respectively. Export sales to the other markets also increased favourably, including Japan ($1,856 million), Australia ($1,494 million), Canada ($1,271 million), Singapore ($1,104 million), the Netherlands ($937 million), Switzerland ($683 million) and Nigeria ($581 million).
Re-exports increased significantly, accounting for 24 per cent of total exports. The principal commodities re-exported were machinery and transport equipment ($2,287 million), textile yarn, fabrics and made-up articles ($1,815 million), diamonds ($1,217 million) and watches and clocks ($874 million). Re-exports went mainly to the
HONG KONG PUBLIC LIBRARIES