TNAG-1483-FCO40-2037-Economic-situation-in-Hong-Kong-1986 — Page 199

CHAPTER 2: THE EXTERNAL SECTOR

Domestic exports.

2.1

first half of

The value of domestic exports in the

1986, at $65,374 million, was 8% higher than in the first half

of 1985. Trade indices available up to May 1986 suggest little

change in export prices (1) implying that the growth rate in

real terms was of nearly the

of nearly the same magnitude. This was made up of year-on-year growth rates in real terms of 1% in the first in the second quarter of this year. quarter and of about 14% The decline in domestic exports in real terms, which started in

the first quarter of 1985, was thus arrested in the fourth

quarter and the recovery

the recovery seems to have gathered momentum in the

second quarter of 1986. Latest figures on retained imports of

raw materials and semi-manufactures (paragraph 2.14) and on the

order-book positions of a selection of large manufacturers

(paragraph 5.3) suggest a further improvement in manufacturing

activity in the third quarter.

Year-on-year

Growth rates of domestic exports (%)

Rate of increase

in prices

comparison

In money

terms

In real

terms

1985/1984

-6

-5

0

1985/1984 H1

- 4

1

- 6

H2

-8

-5

60 15

2

-3

01

3

- 1

4

Q2

-9

- 10

1

Q3

- 12

-10

- 2

Q4

-3

1

-4

1986/1985

Q1

Q2

22

1

1

0

15

14*

1*

H1

8

8*

0*

Note : (*)

Estimated by using trade indices available up to May 1986.

(1)

/Domestic

Prices are based on unit values which do not take into account changes in the composition or quality of goods traded, except for some selected commodities for which specification price indexes are compiled. Changes in real terms are derived from changes in trade values, by discounting the effect of price changes.

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