CONFIDENTIAL
THIS DOCUMENT IS THE PROPERTY OF HER BRITANNIC MAJESTY'S GOVERNMENT
PMV (HK) ( 74 )2
14 December 1973
1
PRIME MINISTER'S VISIT TO HONG KONG
12th-14th JANUARY 1974
UK/HONG KONG TRADE
COPY NO 31
Brief by Department of Trade and Industry
The UK's balance of trade with Hong Kong is substantially, and im reasingly, in the Colony's favour:
UK/HONG KONG TRADE, 1962-73
Jan/Oct
1962
1970 1971
1972
1973
UK imports
55
128
165
185
210
UK exports
47
100
104
101
105
Hong Kong's
favourable
8
29
60
84
105
balance
2
Hong Kong is a free port, and Commonwealth tariff preferences are confined to motor vehicles and alcohol. The Hong Kong bus companies are also required to buy Commonwealth vehicles. Otherwise, there is no built-in preference for British goods; the discriminating Hong Kong purchaser places his order on the basis of the price, delivery and technical backing offered. In the last decade the UK's share of the rapidly expanding Hong Kong market has halved from 1900 to 61%, whereas Japan (a major supplier of semi-manufactures to Hong Kong industry) has increased its share to 23%. Britain has fallen to fourth place amongst
Hong Kong's suppliers; our principal exports are machinery, transport equipment, fabrics and a range of consumer goods (partly for the growing tourist trade).
3
Concerted efforts to improve the UK's performance in the Hong Kong market are being made by the DTI, the British Trade Commission in Hong Kong and the
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