TNAG-1267-FCO40-1616-Economic-situation-in-Hong-Kong-1983 — Page 19

Domestic exports to main markets

2.2

The growth rate of domestic exports to the

United States remained strong.

$12,840 million, the

value of domestic exports to the United States in the

third quarter was 48% higher than in the same

same period last

year. Even after taking into account the effect of an

estimated increase of 13% in prices, which largely

reflects the depreciation of the Hong Kong dollar against

the US dollar, the growth rate was about 30% in real

The latter growth rate represents a further improvement over the year-on-year growth rates of 20% in

the second quarter and 10% in the first quarter. The rate

of utilization of quota for textiles and clothing for the

first nine months was estimated at 81.7%, which is

significantly higher than the 72.1% recorded for the same

period last year.

terms.

2.3

Domestic exports to the United Kingdom, at

$2,462 million in the third quarter, grew by 26% in value

terms over the same period of 1982. After allowing for

the effect of an estimated increase of 8% in prices, the

growth rate was about 17% in real terms.

The quota

utilization rate for textiles and clothing for the first

nine months was 64.3%, compared with 56.3% for the same

period of 1982. The value of domestic exports to the

Federal Republic of Germany, at $2,265 million in the

third quarter, was 15% higher than in the same period last year. Since prices are estimated to have risen by 2%,

there was an increase of about 13% in real terms. The

rate of utilization of quota for textiles and clothing for

the first nine months was 52.3%, higher than the 49.5%

recorded for the corresponding period a year earlier.

Domestic exports to China continued to grow rapidly. At

$1,659 million, the value of domestic exports to this

market in the third quarter increased by 77% compared with

the same period last year. After allowing for the effects

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