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and garments in the first five months of this year amounted to HK$6,100 million in value terms, à decline of nearly 9% when compared with the figure of $6,690 million for the first five
months of 1976. However, between the same two periods, the value of Hong Kong's total domestic exports increased by just over 7% from about HK$12,000 million to about K#13,000 million.
The decline in our textile and garment exports is even more marked when looked at in quantity terms. quota utilization figures published by the Commerce & Industry Department reveal
that, in the first six months of 1977, we were able to ship, in overall terms, only 44% of our annual quota for the United States and 30% for the European Economic Community. In terms of individuel Lember States of the EEC, our quota utilization rates were 30% for the German market and 32% for the U.K.
Apart from the figure for the U.S.A., which was only marginally lower, all these percentages represent a decline of between 12 and 16
percentage points when compared with the corresponding figures for the first half of 1976. And, comparing the volume of ship- ment of restrained items in the first half of 1977 with that in
the first half of 1976, there has been a marginal increase of 4.5% for the U.S. market, but sharp declines of 31% for Germany,
25% for the U.K. and 25% for the EEC as a whole.
In view of the fact that the industry, particularly the garment sector, exports virtually the whole of its production, the decline in exports inevitably means that
production has also decreased. The spinning sector has, for the past several months, been operating at less than 70% of installed capacity. The weaving sector has similarily been operating at about 50% of capacity. Although information on the garment sector is not readily available, the export figures are such that, in general, some of our garment manufacturers are also experiencing difficulties.
The prognosis for 1977, therefore, does not look
too bright on the basis of these facts and figures. The future is by no means rosy when assessed in relation to certain recent developments.
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