CODE 18-77
SS 8/78
Reference
CONFIDENTIAL
Table 3: United Kingdom Imports from Hong Kong (£ million)
10
1977
1978
1979
months
1980
UK Imports (£m)
Total
36,978.2
40,930.3 48,467.4
43,839.5
Hong Kong
466.9
531.4
690.7
718.6
Market Share %
1.24
1.30
1.43
1.64
Composition of imports
(% of total)
SITC
5-8
97.6
97.5
96.8
84.0
Clothing
84
47.2
47.3
44.6
38.3
Miscellaneous
manufactures nes 89
14.5
13.5
13.9
12.1
Textile yarns &
fabrics
65
10.8
10.5
9.6
6.0
Telecommunications
equipment
76
4.0
4.7
7.0
5.8
Electric machinery 77
3.2
7.0
7.0
4.0
Photographic
apparatus &
equipment
88
4.8
6.3
6.6
6.4
Source OTS
Invisibles
6. Figures on invisible earnings, (see Table 4), from the CSO sources, are compiled from a number of individual sources and are subject to several uncertainties. These include the fact
that many of the individual figures are estimates, for example the travel account, and are subject to constant revision as more information is obtained. More fundamentally some of the items included in private transfers might be included in the capital account, the effect of which would be to lower the invisible surplus shown below.
7. Allowing for such uncertainties, the figures below show a large private sector surplus between 1975-77. Profits, interest and dividends were the main component and their fall in 1976 accounted for a large proportion of the fall in the private sector surplus in that year. This surplus was reduced by the deficit on official transactions in each of the years shown, although this latter deficit was reduced in both 1976 and 1977 as a result of lower payments made under the Defence Costs Agreement.
CONFIDENTIAL
/Table 4
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