INDUSTRY AND TRADE
23
Hong Kong is almost entirely dependent on imported resources to meet the needs of its over five million population and its diverse industries. In 1981, imports of raw materials and semi-manufactured goods totalled $55,895 million, representing 40 per cent of total imports. The principal items imported were fabrics of man-made fibres ($6,585 million), watch and clock movements, cases and parts ($4,187 million), iron and steel ($3,842 million), woven cotton fabrics ($3,512 million), plastic moulding materials ($2,705 million), and transistors, diodes, semi-conductors and integrated circuits ($2,689 million).
Imports of consumer goods, valued at $36,975 million, constituted 27 per cent of total imports. The major consumer goods imported were clothing ($5,219 million), radios, tele- vision sets, gramophones, records and tape recorders ($3,735 million), diamonds ($3,625 million), watches ($3,069 million), jade and precious stones, ivory, jewellery, goldsmiths' and silversmiths' wares ($1,561 million).
Imports of capital goods amounted to $20,257 million, or 15 per cent of total imports. Imported capital goods consisted mainly of transport equipment ($3,427 million), elec- tronic components and parts for machines ($2,916 million), electrical machinery ($2,589 million), industrial machinery other than electrical and textile machinery ($1,128 million), and office machines ($926 million).
Imports of foodstuffs were valued at $14,660 million, representing 11 per cent of total imports. The principal imported food items were fruit ($1,998 million), fish and fish pre- parations ($1,974 million), vegetables ($1,708 million), and meat and meat preparations ($1,631 million).
Some $10,588 million of mineral fuels, lubricants and related materials were imported in 1981, representing eight per cent of total imports.
Japan continued to be the principal supplier of imports in 1981, providing 23 per cent of the total. China was the second major supplier, accounting for 21 per cent of total imports, and 49 per cent of imported foodstuffs. The United States ranked third, providing 10 per cent of total imports, followed by Taiwan, Singapore, Britain, the Republic of Korea and the Federal Republic of Germany.
Clothing remained the largest component of domestic exports in 1981, valued at $28,288 million or 35 per cent of the total. Exports of miscellaneous manufactured articles, consisting mainly of plastic toys and dolls, jewellery and goldsmiths' and silversmiths' wares, and other plastic articles, were valued at $13,235 million, representing 16 per cent of total domestic exports. Photographic apparatus, equipment and supplies, optical goods, watches and clocks amounted to $8,101 million, or 10 per cent of the total. Domestic exports of electrical machinery, apparatus and appliance, valued at $5,812 million, contributed another seven per cent of the total. Other important exports included telecommunications and sound recording and reproducing apparatus and equipment (seven per cent of the total), textiles (seven per cent), office machines and automatic data processing equipment (three per cent), and manufactures of metals (three per cent).
The direction and level of Hong Kong's export trade are very much influenced by economic conditions and commercial policies of major overseas markets. In 1981, 61 per cent of all domestic exports went to the United States and the European Economic Community. The largest market was the United States ($29,200 million or 36 per cent of the total), followed by Britain ($7,710 million or 10 per cent) and the Federal Republic of Germany ($7,048 million or nine per cent). Domestic exports to Japan and China increased to $2,940 million and $2,924 million respectively, each representing four per cent of total domestic exports. Other important markets were Australia, Canada and Singapore.