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WEDNESDAY, APRIL 23, 1986
*THIS REPRESENTS A FURTHER SWING OF ONLY JUST OVER ONE PER CENT OF GOVERNMENT'S TOTAL TURNOVER OF EXPENDITURE PLUS REVENUE AND MEANS THAT WE GO INTO 1986-87 IN A STRONGER FINANCIAL POSITION, HE SAID.
SIR JOHN SAID HE HOPED THAT HIS ESTIMATE OF A BUDGET SURPLUS OF $348 MILLION FOR 1986-87 MIGHT ALSO PROVE TO BE ON THE CONSERVATIVE SIDE.
+IT IS, HOWEVER, MUCH TOO SOON TO SAY. CIVIL SERVICE PAY REQUIREMENTS ARE CERTAINLY HIGHER THAN PROJECTED, HE SAID.
EXPORTS RISE 'NO FLASH IN THE PAN'
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DOMESTIC EXPORTS IN MARCH WERE ABOUT 22 PER CENT HIGHER IN MONEY TERMS THAN IN MARCH 1985, THE FINANCIAL SECRETARY THE HON SIR JOHN BREMRIDGE, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY). HOWEVER, RE-EXPORTS WERE JUST UNDER SIX PER CENT LOWER,
+ALTHOUGH NOT TOO MUCH SHOULD BE READ INTO ONE MONTH'S GOOD PERFORMANCE FOR DOMESTIC EXPORTS, I DO NOT THINK THESE FIGURES ARE A FLASH IN THE PAN IN TERMS OF THE RECOVERY WHICH THEY SUGGEST,+ SIR JOHN SAID IN HIS SPEECH CONCLUDING THE DEBATE ON THE BUDGET.
THE IMPROVED FIGURES COINCIDED WITH SIGNS THAT THERE WOULD BE CONTINUED IMPROVEMENT IN EXPORT PERFORMANCE IN THE COMING MONTHS, HE SAID. THE DECLINING TREND IN THE ORDER BOOK POSITIONS
IN THE MANUFACTURING SECTOR APPEARED TO HAVE BOTTOMED OUT. IN PARTICULAR, THE ORDER BOOK POSITIONS OF THE TEXTILES AND CLOTHING INDUSTRIES HAD REGISTERED SIGNIFICANT INCREASES SINCE THE SECOND HALF OF 1985.
+AS A RESULT OF THE FALL IN OIL PRICES, THE 1986 GROWTH RATES FOR SOME OF OUR MAJOR EXPORT MARKETS, PARTICULARLY THE UNITED STATES, HAVE RECENTLY BEEN REVISED UPWARDS. HONG KONG'S EXPORT PERFORMANCE SHOULD BENEFIT FROM ENHANCED GROWTH IN THESE COUNTRIES, + HE SAID.
ON THE OTHER HAND, SIR JOHN SAID, EARLY INDICATIONS OF THE WAY THAT THE MEASURES UNDERSTANDABLY ADOPTED BY CHINA TO RESTRICT
IMPORTS AND TO CONTROL THE USE OF FOREIGN EXCHANGE RESERVES WERE WORKING SUGGESTED THAT HIS FORECAST GROWTH RATES FOR DOMESTIC EXPORTS AND RE-EXPORTS TO CHINA MIGHT HAVE UNDER-ESTIMATED THE ADVERSE EFFECT OF SUCH MEASURES ON HONG KONG'S EXPORT PERFORMANCE.
/BUT HE