TABLE I
Retained Imports Of Capital Goods By Components
1985
1986
1st Quarter
2nd Quarter
HK$Mn 00 HK$Mn %
Change*
Change*
Capital Goods
Industrial machinery
Electrical machinery
Textile machinery
Other industrial machinery
165.3 -10.8
4029.8 -1.6 4842.5 -10.6 981.6 -4.1 928.9 -20.3 694.6 -9.2 707.2 -27.0 121.6 66.8 69.8 -2.0 152.0 21.1
3rd Quarter
HK$Mn 0%
Change*
3919.7 -20.0 869.1 -30.3 706.2 -31.2 60.7 -38.8
86.1
-0.2
4th Quarter
HK$Mn % HK$Mn % HK$Mn 0%
Change*
Change*
Change* 4862.8 -1.7 4951.7 22.9 5368.8 10.9 1165.8 -4.6 1111.6 13.2 1583.8 70.5
918.7 -9.3
1102.6 55.9 258.5 270.3
1st Quarter
2nd Quarter
780.6 12.4 135.5
11.4
Transport equipment
234.2 -54.2
Construction machinery
67.3 45.7
Other capital goods
2746.7
9.2
925.2 82.6 2905.7
102.2 -16.2 6.5 457.4 807.7 96.0 -13.9 2497.3
161.0
30.6
195.6
18.3
222.5 46.4
10.8
730.6
84.6
915.1 290.7
182.0
-80.3
37.3
115.6
85.0
98.5 46.4
96.8 17.2
-21.3
2850.7
-12.7
2826.6
2.9
3506.2
20.7
Electronic components
and parts for computers
440.6
Office machines
428.4
-3.7 433.1 46.9 $10.5
-13.7
8.4
424.5 -13.9 276.8 -50.1
441.0 -0.7 272.3 -63.8
431.7 -2.0 413.8 -4.5 228.9 -46.6 300.6
-41.1
Air conditioners
and conditioning machines] Others
104.7
1773.0
-6.7 199.6 -38.9 131.4 7.2 1762.5 -15.0 1664.6
0.2
-16.5
88.1 121.9 2049.3
1.0
166.2 58.8 351.7 76.2 1999.8 12.8 2440.1
38.5
*Year-on-year percentage change.
11
More significant is the swift response of manu- facturing investment to the upsurge in output since the first quarter of this year. The gradual release of more detailed statistics has allowed analysts to gain a clearer picture of investment in the manufacturing sector, an area of considerable concern over the last two years. Although total retained imports of capital goods continued to decline in real terms, retained imports of machinery rose by a remarkable 70% in the second quarter. Even discounting the effect of price increases due to the depreciation of the Dollar, the surge in industrial investment is undeniable. The textile sector, despite the threat of the Jenkins Bill and the uncertainties associated with the negotiations of a new Multi Fibre Agreement, responded to the rise in demand by re-equipping themselves with newer and better machines. This is reflected in the 105% increase in retained imports of textile machinery in the first six months of this year. Investment in new plant has also increased, as evidenced by the pick-up in demand for industrial property, particularly in good locations.
.C
HK
NK Bank Howanie Agasst. Saptamics 198th.
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