6
杏仁
Industry and Trade
DUE to increased demand for Hong Kong products in most major overseas markets, the manufacturing industries performed very well in 1987. The value of domestic exports during the year amounted to $195,254 million, 27 per cent more than in 1986.
Overall, the major factors that contributed to Hong Kong's success as a leading manufacturing and commercial centre continued to work well. Among these are a simple tax structure, a flexible and industrious workforce, a modern and efficient seaport with one of the world's leading container ports, a centrally located airport with a computerised cargo terminal, excellent world-wide communications, and the government's commitment to free trade and enterprise.
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Manufacturing industries are an important component of the Hong Kong economy, accounting for some 22 per cent of the gross domestic product and 35 per cent of total employment. It is estimated that up to 90 per cent of Hong Kong's manufacturing output is eventually exported. The shortage of usable land has generally constrained diversification into capital and land-intensive industries. Light manufacturing industries, producing mainly consumer goods and operating in multi-storey factory buildings, predominate. About 70 per cent of the total industrial workforce is employed in the textiles, clothing, electronics, plastic products, electrical appliances, and watches and clocks industries. These industries together accounted for 80 per cent of Hong Kong's domestic exports in 1987.
Notwithstanding the concentration in light manufacturing, there has been a continuous process of up-grading in terms of quality and product range. Many new and sophisticated product lines have been introduced and many simpler ones abandoned, partly because of external competition and partly in response to demand in Hong Kong's established markets.
Trade
The year was another eventful one for trade. In the first half of the year, the last two bilateral textiles agreements due for renegotiation in the current cycle, those with Norway and Sweden, were renewed on less restrictive terms.
A feature of the year was the decision by a number of Hong Kong's major trading partners, and by Hong Kong, to adopt in 1988 a new international system of trade classification, known as the Harmonised Commodity Coding and Description System. Consultations were held with a number of countries to ensure that the effects of any consequential tariff revisions would be neutral. Protracted and complicated negotiations were also necessary to deal with various problems arising from the introduction of the harmonised system on Hong Kong's bilateral textiles agreements.
Much attention was again focused on developments with regard to protectionist legislation in the United States. The continuing American trade deficit maintained the