(b) Quantities Imported
15. In spite of the very rapid increase in raw material prices in the first nine months of 1973, the quantities of raw materials imported in- creased (by 7%) as is shown in Table 7(b). In the case of raw cotton, imports increased, in
quantity terms, at a much faster rate (29%) than in any of the years 1969 to 1972. While this was almost certainly associated with the sharp reduction in the import price mentioned above, it is probably also due, among other things, to stocks having been run down in the latter part of 1972 and built up again in 1973.
Change in Quantum Indexes of Imports of Raw Materials from All Countries by Commodity Groups, 1969/68–1973/72
Table 7(b)
Value of imports in 1973*
(HK$ (% of million) total)
Change in import quantum index 1969/68 1970/69 1971/70 1972/71_1973/72*
(%) (%)
(%) (%)
(%)
All raw materials
8,167 100.0 +11.0 +11.7
+12.9
+ 4.3
+ 6.8
Raw cotton
469
5.7 -26.0
+12.2
0.0
-18.1
+28.6
Cotton yarn and thread
405
5.0
+ 8.0
-13.0
+50.0
+14.2
+16.4
Woven cotton fabrics
591
7.2
- 15.0
+ 5.9
+16.7
+ 8.6
+ 6.9
Wool and other animal hair
175
2.1
9.0
+16.5
-25.5
+38.0
- 14.2
Yarn of wool and mixtures
185
2.3
+17.0
+ 7.7
- 12.7
+ 9.1
-25.2
Fabrics of wool and mixtures
72
0.9
5.0
+11.6
-24.5
-20.0 -30.9
Man-made fibres
115
1.4
+74.0
+14.4
+40.2
+15.8 +14.3
Yarn of man-made fibres
466
5.7 +41.0 +19.1
+58.9
+ 9.7
+31.0
Fabrics of man-made fibres
1,029
12.6
+37.0 +15.3
+22.8
+ 7.7
+ 6.2
Dyeing, tanning and colouring
materials
256
3.1
+ 5.0
+10.5
+11.2
+16.3
+ 6.8
Plastic moulding materials
464
5.7
+17.0
+ 9.4
+10.9
+8.5
+14.1
Chemical elements and compounds
238
2.9
+ 7.0
+ 7.5
+1.7
+15.4
+12.1
Iron and steel
465
5.7
+-28.0
+22.7
+ 3.8
+ 9.8
+ 6.2
Base metals, excluding iron and
steel
205
2.5
www
3.0
+12.4
+ 7.3
+21.4
+ 0.7
Paper and paperboard
392
4.8
+ 8.0
+14.8
+ 9.7
+ 3.7
+11.4
Others
2,639
32.3
+-20.0
+ 8.3
+16.2
+ 2.0
1.2
*first nine months.
(c) Changes in Supply Patterns
16. Although shortages of raw materials in world markets had a substantial impact on import prices in the first nine months of 1973, the Smithsonian currency realignments of December 1971, followed by the floating of sterling in June 1972, the further devaluation of the United States dollar in February 1973 and subsequent exchange rate movements in Europe and Japan also had an impact on import prices.
6
It can be seen from Table 8(a) that, in 1972, import prices of raw materials from Japan in- creased by as much as 11% compared with a decrease of 5% in 1971; and, in the first nine months of 1973, the increase amounted to 27%• It will be noted, however, from Table 8(b) that, whereas in 1971 the quantity of raw materials imported from Japan increased by 22%, there were decreases of 9% and 20% respectively in the quantities imported in 1972 and the first nine months of 1973.
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