TNAG-0453-FCO40-518-Budget-of-Hong-Kong-1974-1975-1975 — Page 47

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Notable changes in the geographical pattern of trade seem to

have flowed from the devaluation of the US dollar and revaluation of

the yen.

For once in a way, what look to be the effects of cost-

movements on quantities bought/sold are marked: comparing January-

September 1973 and 1972 the following percentage changes are estimated:

HK Imports

i

HK Exports

All HK's Trade

Partners

USA

Japan

China

Value

Changes in:

Quantum Index

Changes in:

Value Jan.-Sep.73

Index

(HK$ md.)

Price Index

(Jan.-Sep.73) Price Quantum

(HK$ md.) Index

20

+15%

+ 9%

14

+16%

+ 6%

2.4

+ 4%

+22%

5.0

+12%

2%

4.1

+20%

8%

0.7

1%

+118%

3.8

+22%

+15%

negl.

n/a

n/a

On the full year's figures, China boosted the value of her sales to the

Colony by no less than 47% well above the average: she and Japan each

now supply about one-fifth of the Colony's imports (please see Annex

Table I).

Turning to commodity groups (Table II annexed), the 9-month

estimates suggest that the volume of food imports declined in response

to higher prices. After allowing for re-exports (please see footnote

retained

to Table II) the rise in consumer goods/was almost certainly far less

spectacular than the 16% shown for gross imports of this group. The

percentage rise in the volume of capital goods imports was however

impressive; at a guess the small increase in prices for this group mig

reflect the delay between contracts and shipments.

Among Hong Kong exports, the largest group, clothing, failed

to increase in volume; indeed the USA, which took almost 1/3rd of all

I