THURSDAY, SEPTEMBER 2, 1982
IMPORTANCE OF TRADE WITH AMERICA STRESSED
****
HONG KONG'S TRADE WAS SMALL IN UNITED STATES TERMS, WITH LITTLE IMPACT ON THE U.S. ECONOMY, BUT THE U.S., ON THE OTHER HAND WAS EXTREMELY IMPORTANT TO HÔNG KONG, TAKING 36 PER CENT OF HONG KONG'S DOMESTIC EXPORTS IN 1981.
THIS WAS STATED BY THE FINANCIAL SECRETARY, MR JOHN BREMRIDGE, IN A JOINT TRADE DEVELOPMENT COUNCIL AND HONG KONG TOURIST ASSOCIATION LUNCHEON TALK IN NEW YORK TODAY (SEPTEMBER 2).
MR BREMRIDGE POINTED OUT THAT IN OVERALL U.S. TRADE TERMS, HONG KONG SUPPLIED ONLY TWO PER CENT OF TOTAL U.S. IMPORTS AND TOOK 1.2 PER CENT OF AMERICAN EXPORTS TO THE WORLD.
+ALTHOUGH HONG KONG IS SOMETIMES REPRESENTED AS BEING A SIGNIFICANT SUPPLIER TO THE U.S. MARKET OF PARTICULAR PRODUCTS, SUCH CLAIMS NEED TO BE SEEN IN THEIR PROPER PERSPECTIVE,+ MR BREMRIDGE EXPLAINED.
HE SAID THAT HONG KONG EXPORTS TO THE COUNTRY HAD BEEN HELPED IN THE FIRST HALF OF THIS YEAR BY THE PATTERN OF AMERICAN CONSUMER SPENDING, WHICH HAD FALLEN OFF IN LARGER ITEMS SUCH AS MOTOR CARS AND ́HOUSING WHERE CREDIT WOULD BE AFFECTED BY HIGH INTEREST RATES, BUT HAD APPARENTLY NOT BEEN MUCH REDUCED ON SMALLER ITEMS WHICH ARE HONG KONG'S MAIN EXPORTS TO THE U.S.I GARMENTS, TOYS, OFFICE MACHINES, WATCHES AND CLOCKS AND ELECTRONIC PRODUCTS.
EXCHANGE RATES ALSO HAD A BEARING IN ENABLING HONG KONG PRODUCTS TO REMAIN COST COMPETITIVE IN THE U.S., PARTICULARLY IN A SITUATION WHERE THE HONG KONG DOLLAR HAD BEEN WEAKENING AGAINST THE U.S. DOLLAR, WHILE HOLDING ITS GROUND AGAINST THE CURRENCIES OF THE COUNTRIES WHICH SUPPLY THE RAW MATERIALS FOR HONG KONG EXPORTS.
MR BREMRIDGE SAID THAT DESPITE ADVERSE ECONOMIC CONDITIONS HONG KONG HAD SO FAR MANAGED TO SUSTAIN A REASONABLE PERFORMANCË
IN THE AMERICAN MARKET IN 1982, WITH OVERALL GROWTH OF 11.2 PER CENT BY VALUE IN THE FIRST SIX MONTHS COMPARED WITH THE FIRST HALF OF 1981.
MR BREMRIDGE ALSO SAID THAT HONG KONG'S +DOORS ARE ALWAYS OPEN NOT ONLY TO THE UNRESTRICTED TARIFF-FREE IMPORT OF GOODS BUT ALSO TO INVESTMENT, EXPERTISE AND NEW TECHNOLOGY. +
THE U.S.