XN000022-1983-04-28 — Page 4

3.

THURSDAY, APRIL 28, 1983

PUTTING THESE AGREEMENTS IN PERSPECTIVE HE POINTED OUT THAT DESPITE RESTRAINT UNDER THE MFA SINCE 1974, AND UNDER OTHER ARRANGEMENTS FOR YEARS BEFORE THAT, HONG KONG STILL HAD A HEALTHY INDUSTRY, PARTICULARLY IN THE CLOTHING SECTOR.

+AND DESPITE VERY RESTRICTIVE AGREEMENTS ON OUR TWO MAJOR MARKETS, THE USA AND THE EEC, THERE WILL STILL BE ROOM FOR TRADE TO GROW OVER 1982 LEVELS, ALTHOUGH IN THE HOTTEST" CATEGORIES THE POSITION WILL UNDOUBTEDLY BE VERY TIGHT.

+THE AGREEMENTS ARE IN TERMS OF QUANTITY. HENCE THEY HAVE THE PARADOXICAL RESULT OF FORCING HONG KONG TO CONTINUALLY MOVE UP- MARKET, SO BECOMING MORE DIRECTLY COMPETITIVE WITH THE DOMESTIC PRODUCTS OF THE IMPORTING COUNTRY - SURELY NOT THEIR INTENTION.+ MR MACLEOD CONCLUDED.

PROVISIONAL TRADE FIGURES FOR MARCH ******

HONG KONG'S TOTAL EXPORTS IN MARCH 1983 INCREASED BY THREE PER CENT OVER MARCH 1982 TO REACH $10 620 MILLION, ACCORDING TO PROVISIONAL FIGURES FOR VISIBLE TRADE RELEASED TODAY (THURSDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.

THE TOTAL COMPRISED $6 620 MILLION FOR DOMESTIC EXPORTS AND $4000 MILLION FOR RE-EXPORTS WHICH GREW BY ONE PER CENT, OR $43 MILLION, AND EIGHT PER CENT, OR $286 MILLION, RESPECTIVELY OVER THE SAME MONTH OF 1982.

LAST MONTH'S IMPORTS INCREASED BY ONLY TWO PER CENT, OR $262 MILLION, LEAVING A VISIBLE TRADE DEFICIT OF $1 820 MILLION FOR THE MONTH.

THE VISIBLE TRADE GAP THE PROPORTION OF THE VALUE OF IMPORTS NOT COVERED BY THAT OF TOTAL EXPORTS THUS NARROWED TO 14.6 PER CENT FROM 15.5 PER CENT OF MARCH LAST YEAR.

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PUTTING LAST MONTH'S TRADE FIGURES INTO CONTEXT, A GOVERNMENT SPOKESMAN SAID THAT THE VALUES OF DOMESTIC EXPORTS AND OF RE-EXPORTS IN THE FIRST QUARTER OF THIS YEAR WERE UP BY SIX PER CENT AND FIVE PER CENT RESPECTIVELY OVER LAST YEAR'S CORRESPONDING PERIOD. THE VALUE OF TOTAL EXPORTS THUS INCREASED BY SIX PER CENT.

AS THE VALUE OF IMPORTS WAS ONLY TWO PER CENT HIGHER, THE VISIBLE TRADE GAP IN THE FIRST QUARTER STOOD AT 12.8 PER CENT SIGNIFICANTLY SMALLER THAN THE 15.8 PER CENT FOR THE SAME LAST YEAR.

PERÍOD

THE SPOKESMAN SAID BOTH DOMESTIC EXPORTS AND RE-EXPORTS THUS SHOWED SOME SIGNS OF IMPROVEMENT IN THE FIRST QUARTER OF THIS YEAR WHEN COMPARED WITH THE LAST QUARTER OF 1982.

IT IS