TNAG-0621-FCO40-769-Budget-of-Hong-Kong-1977 — Page 143

G.F. 323

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35.

quarter of 1975 reflected in large production quantities during the first

and second quarters of 1975. Less optimism in overseas demand in mid

1976 brought the index of orders on hand for the third quarter 1976

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lovel 17% below the corresponding quarter in 1975. Orders on hand

for October and November 1976 romained low relative to the same months

in 1975.

72.

The demand for textile producto consisted mainly of demand in

Hong Kong derived from demand overseas for clothing. Hence, orders for

the clothing industry bore a close relationship to orders for textiles.

Orders on hand for the clothing industry decreased during 1976, reflecting

first an unusually high level of demand towards the end of 1975 end at

the beginning of 1973 as stocks in Hong Kong's major markets were

replenished, and second a temporary pause in growth in these markets

in the second and third quarters of 1976. The index of orders on hand

for the clothing industry for Cctober and November suggested that clothing

orders in the fourth quarter of 1976 were not substantially different

from the third quarter.

the fourth quarter of 1975 but roughly 18% above the position in the

corresponding quarter in 1974. Despite the decrease, large clothing

establishments on the monthly panel re-orted in November orders on hand

sufficient to maintain 5.5 months of production, taking into account

the employment level in that month. With prospects of a revival in

consumer demand in 1977 in Hong Kong's main export markets, the decrease

in clothing orders is unlikely to continue.

These were, however, 7% below the position in

73.

Orders for products for the other sectors covered in the monthly

panel increased during the first three quarters of 1976. Electrical

appliances and electronic products were, in particular, in high demand.

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