In 1979, Iran supplied about 0,3% of Hong Kong's total imports. The single largest item imported from Iran was fuel oils which accounted for 98% of Hong Kong's imports from Iran.
10
In 1979, while Hong Kong's domestic exports to Iran increased by 13.7% to HK$171 million and re-exports by 112,0% to HK$55 million, imports from Iran increased by 180.4% to HK$238 million as compared with 1978. As a result, the trade balance which was in Hong Kong's favour in 1977 and 1978 shifted to Iran's favour in 1979. Overall, therefore, cessation of trade with Iran would not produce a negative effect on Hong Kong's balance of payments position. The amount of goods exported from Hong Kong to Iran is so relatively small that no significant effects would be felt by manufacturing industry or in the economy as a whole.
(b) Invisible trade with Iran
Tourism
11
Of the total of 2, 213, 209 tourists visiting Hong Kong in 1979, 5,764 or 0.26% were of Iranian nationality. There was a significant drop in the number of Iranian tourists coming to Hong Kong in 1979:
No of Iranian Tourists
1973
1974
1975
1976
1977
1978
1979
1,806
2,522
3, 172
4,757
6,657
8,369
5,764
Total expenditure by Iranian tourists in Hong Kong in 1979 is estimated to be $18 million or 0.3% of total tourist expenditure in Hong Kong.
12
The number of Hong Kong residents visiting Iran cannot be identified from published statistics but it must be less than 2, 359 for this is the number of Hong Kong residents visiting the Middle East in 1979. This number has also dropped in 1979:
Hong Kong residents visiting the Middle East
1973
1974
1975
1976
1977
1978
1979
1,098
1, 196
1,801
2,247
2,458
2,628
2,359
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