BRIEF NO 7
HONG KONG:
BACKGROUND TRADE BRIEF
1 Hong Kong is the UK's seventeenth largest export market, and the second
largest in the Far East only just behind Japan. UK exports to HK in 1986 were
£961m
-
a 1% increase over 1985 - and in Jan-April 1987 were £333m
increase over the same period in 1986.
-
a 16%
The UK is the
2 The UK's share of the Hong Kong market has declined gradually in recent
years. At end-1986 it was 3.4%, and in Jan-April 1987 was 3.2%.
sixth largest supplier. Our principal exports are capital goods:
generating equipment; electrical machinery; vehicles (buses and rail cars).
We also sell leather and fur in significant quantities.
3
power
Bilateral trade is in favour of Hong Kong. UK imports from Hong Kong in
1986 were £1,531m, giving HK a surplus of £570m. Imports from HK in Jan-April
1987 were £409m
-
an 11% increase over the same period in 1986.
4
Within the EC the UK is Hong Kong's most important trading partner, followed
by the FRG.
5
UK companies (banks, accountants, insurance brokers and solicitors) have
a large presence in Hong Kong's 'invisibles' sector. Revenue accruing to
the UK from 'invisibles' is estimated to be approximately equal to the value
of the UK's visible exports to HK.
6 The UK's share of total external manufacturing investment in Hong Kong
́is 7% (far less than that of Japan and the USA, which together account for
75%).
7
Hong Kong's economy is very buoyant. GDP growth in 1986 was 9%, and
the forecast for 1987 is 8-9%. In 1986 Hong Kong's total exports grew by
18% and imports by 19%.
999-80
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