TNAG-1157-FCO40-1437-Visits-by-FCO-Ministers-to-Hong-Kong-1982 — Page 146

The principal suppliers were:

Japan

China

EC

of which:

UK

FRG

United States

Taiwan

Singapore

7

23.2%

21.3%

11.5%

(4.5%)

(2.4%)

10.4%

7.8%

7.7%

2.7 Trade in invisibles makes an important contribution to

Hong Kong's balance of payments. In 1980 Hong Kong's surplus on invisibles was, according to preliminary estimates, HK$8,850

million.

2.8 The balance of trade between the UK and Hong Kong is

slightly in Hong Kong's favour. The British share of the Hong

Kong market declined from over 11% in 1967 to only 4.2% in 1976,

rose to 5.1% in 1979, and in 1981 stood at 4.5%. Hong Kong is now, however, Britain's largest market in the Far East, ahead of

Japan. British exports to Hong Kong in 1980 totalled £559

million, which also put Hong Kong well ahead of China (£213 million) as a market for British goods. The real growth of UK

exports to Hong Kong in the 5 years ending 1980 was 12.6% p.a.

British imports from Hong Kong in 1980 totalled £850 million. substantial proportion of British imports from Hong Kong in recent years have consisted of textiles and clothing.

A

2.9

Government revenue in 1981/82 was an estimated HK$35,000

million (approx. £3,255 million), 32% of which came from direct

taxes (mainly profits tax); 18% from indirect taxes (rates,

excise duties, stamp duties, betting taxes, motor vehicle taxes); 28% from land sales; and the remainder from other sources, such as payments for government services.

/2.10