TNAG-0521-FCO40-616-Visit-of-Lord-Goronwy-Roberts--Parliamentary-Under-Secretary-1975 — Page 109

October

1974

October

1973

Increase or

Decrease

$m.

$m.

$m.

%

Domestic Exports

(% of total exports)

1,625 (75.7%)

1,900

-275

-14.5

(71.8%)

*

Imports

2,455

3,003

-548

-18.3

Re-exports

521

746

-225

-30.2

(% of total exports)

(24.3%)

(28.2%)

Jan-Oct

1974

Jan-Oct

1973

Increase or

Decrease

$m.

$m.

$m.

%

Domestic Exports

19,369

15,580

+3,789

+24.3

(% of total exports)

(76.3%)

(74.8%)

:

Imports

29,005

22,899

+6,106

+26.7

Re-exports

6,031

5,249

783

+14.9

(% of total exports)

(23.7%)

(25.2%)

Nov.1973-

Nov.1972-

Increase or

Oct.1974

Oct.1973

Decrease

$m.

$m.

$m.

%

Domestic Exports

23,263

18,136

+5,127

+28.3

Imports

35,111

26,798

+8,313

+31.0

Re-export

7,308

6,055

+1,252 +20.7

Conclusions

9. This is a difficult time for Hong Kong, whose economy is totally dependent on export performance and the level of world trade. There is a real possibility of a sharp, though possibly short-lived, recession in the territory.

10. Nevertheless, provided that global conditions do not deteriorate further, there is a prospect of some improvement in the industrial and manufacturing sectors by next spring. The grounds for this qualified optimism are to be found in Hong Kong's continuing industrial development and diversification, including the near completion of important new chemical and marine engineering construction plants, both of which are due to come into production in 1975.

Hong Kong & Indian Ocean Dept. 6 January 1975.

CONFIDENTIAL

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