WEDNESDAY, MARCH 6, 1985
THAT THE HONG KONG ARTS FESTIVAL IS NOW AN EVENT OF INTERNATIONAL STANDING IS A CREDIT TO ALL CONCERNED. BUT THERE IS ONE GLARING OMISSION IN THE LIST OF SUPPORTERS WE HAVE HEARD THIS EVENING. I REFER, OF COURSE, TO OUR HOST SIR RUN RUN SHAW HIMSELF. IT IS HIS DEDICATION AND HIS OUTSTANDING WORK WHICH ACCOUNTS FOR SO MUCH OF THE SUCCESS OF THE ARTS FESTIVAL SINCE ITS EARLY DAYS. IT HAS BEEN UNDER HIS GUIDANCE THAT IT HAS REACHED ITS PRESENT EMINENT POSITION IN THE CALENDAR OF INTERNATIONAL FESTIVALS.
I SPEAK FOR EVERYBODY HERE THIS EVENING IN THANKING HIM MOST WARMLY NOT ONLY FOR HIS HOSPITALITY BUT FOR ALL HE HAS DONE FOR HONG KONG AND THE ARTS FESTIVAL.
PRICE, VOLUME MOVEMENTS OF 1984 EXTERNAL TRADE
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DOMESTIC EXPORTS ROSE BY 17 PER CENT AND RE-EXPORTS BY 31 PER CENT IN VOLUME TERMS IN 1984 AS COMPARED WITH 1983, SO THAT TOTAL EXPORTS INCREASED BY 22 PER CENT, ACCORDING TO STATISTICS RELEASED TODAY BY THE CENSUS AND STATISTICS DEPARTMENT.
IMPORTS INCREASED BY 15 PER CENT IN VOLUME TERMS. PRICES OF DOMESTIC EXPORTS ROSE BY 13 PER CENT AND RE-EXPORTS BY 14 PER CENT IN 1984 COMPARED WITH 1983, SO THAT FOR TOTAL EXPORTS, PRICES WERE UP BY 13 PER CENT.
PRICES OF IMPORTS ROSE BY 11 PER CENT. AS A RESULT, THE TERMS OF TRADE INDEX (EXPRESSED AS A RATIO OF THE TOTAL EXPORT PRICE INDEX TO THE IMPORT PRICE INDEX) ROSE BY TWO PER CENT.
PRICES ARE BASED ON UNIT VALUES WHICH DO NOT TAKE INTO ACCOUNT CHANGES IN THE COMPOSITION OR QUALITY OF GOODS TRADED. CHANGES IN THE VOLUME OF TRADE ARE DERIVED FROM CHANGES IN TRADE VALUES, AFTER DISCOUNTING THE EFFECT OF PRICE CHANGES,
AS SEEN FROM TABLE 1, THE EXPORT PRICES OF MOST OF THE COMMODITY GROUPS INCREASED IN 1984 COMPARED WITH 1983, RANGING FROM TWO PER CENT FOR ELECTRONIC COMPONENTS TO 21 PER CENT FOR TRAVEL GOODS, HANDBAGS AND SIMILAR ARTICLES. HOWEVER, DECREASES IN EXPORT PRICES WERE REGISTERED FOR METAL ORES AND SCRAP (-4%) AS WELL AS WATCHES AND CLOCKS (-1%).
THE DOMESTIC