WEDNESDAY, DELAMBER 22, 1982
18
HE DISCLOSED THAT THE MINISTERIAL MEETING ALSO DECIDED TO LAUNCH A STUDY ON THE FUTURE OF THE MFA.
+THE SAFEGUARDS ISSUE IS PROBABLY THE SINGLE MOST IMPORTANT TRADE POLICY PROBLEM FACING HONG KONG IN 1983. I CANNOT SPECIFICALLY ANSWER MR CHEONG'S QUESTION AS TO WHAT THE IMPLICATIONS OF RECENT DEVELOPMENTS WILL BE FOR OUR FUTURE EXPORT TRADE, BUT I BELIEVE I HAVE SAID ENOUGH TO INDICATE THAT IT IS A SUBJECT WHICH WE, AND PARTICULARLY OUR GENEVA REPRESENTATIVES. WILL HAVE TO CONTINUE TO HANDLE DELICATELY BUT FIRMLY IN THE COMING MONTHS. BECAUSE THE DOWNS IDE RISK IS OBVIOUSLY CONSIDERABLE, MR DORWARD CONCLUDED.
EXPORT CREDIT INSURANCE DEFICIT REACHES $5.78 MILLION
***
THE HONG KONG EXPORT CREDIT INSURANCE CORPORATION SUSTAINED AN UNDERWRITING DEFICIT OF $5.78 MILLION IN THE 1981-82 FISCAL YEAR AS A RESULT OF A 50 PER CENT INCREASE IN CLAIMS OVER THE PRECEDING YEAR, THE SECRETARY FOR TRADE AND INDUSTRY, THE HON W. DORWARD, DISCLOSED IN THE LEGISLATIVE COUNCIL ́ ́TODAY.
MR DORWARD EXPLAINED THAT RECESSION AND BANKRUPTCIES IN NEARLY ALL OVERSEAS MARKETS PLUS POLITICAL UPHEAVALS IN SOME COUNTRIES WERE THE CAUSE OF THE INCREASE WHICH RAISED THE CORPORATION'S CLAIM SETTLEMENTS TO $20.9 MILLION,
THIS DEFICIT, HOWEVER, WAS OFFSET BY AN IMPROVED YIELD FROM INVESTMENT INCOME, WHICH INCREASED BY 34 PER CENT TO $8.1 MILLION, LEAVING THE CORPORATION WITH AN OVERALL SURPLUS OF $2.3 MILLION, MR DORWARD SAID WHEN TABLING THE CORPORATION'S 1981-82 ANNUAL REPORT AND ITS ACCOUNTS.
HE REPORTED MODERATE GROWTH IN THE CORPORATION'S BUSINESS DURING THE YEAR, WITH THE VALUE OF INSURED EXPORTS UP BY 8.8 PER CENT OVER THE PREVIOUS YEAR TO REACH $3 817 MILLION.
AS IN THE PREVIOUS YEAR, THE CORPORATION'S INSURED EXPORTS REPRESENTED ABOUT 4.6 PER CENT OF HONG KONG'S TOTAL DOMESTIC EXPORTS.
GROSS PREMIUM INCOME GREW BY 6.5 PER CENT TO $19.4 MILLION AND THE NUMBER OF INSURANCE POLICIES INCREASED BY 96 TO 1 209.
TOTAL MAXIMUM LIABILITY UNDERWRITTEN STOOD AT $2 342 MILLION AT THE CLOSE OF THE FISCAL YEAR UNDER REVIEW, MR DORWARD SAID.
/19
Page 20Page 21