GF 323
CONFIDENTIAL #2
16
partner in 1988
(22).
Total visible trade between Hong
Kong and China, at HK$288.6 billion, increased by 40% in
value terms over 1987.
26. In 1988 China remained the second largest market for Hong Kong's domestic exports (17% of the total) and the largest market for Hong Kong's re-exports (34% of the total).
27. The continued rapid growth in Hong Kong's domestic exports and re-exports to China in 1988 is shown in the table below. Strong domestic consumption in China and increases in outward processing activities, particularly in the Pearl River Delta region, contributed to this rapid export growth.
:
Year-on-
Domestic exports to China (HK$ Mn)
year growth rate #
(*)
Re-exports
to China (HK$ Mn)
Year-on-
year growth
rate #
( 8 )
1987 Q1
5,552
77
11,808
48
Q2
6,852
63
14,228
47
Q3
7,378
52
15,746
53
04
8,090
39
18,388
42
Annual
27,871
55
60,170
47
1988
Q1
6,844
23
16,814
42
Q2
9,156
34
22,230
56
Q3
10,930
48
26,117
66
Q4
11,114
37
29,735
62
Annual
38,043
36
94,895
58
#
In money terms
(22) According to China's Customs statistics, since 1987 Hong Kong has overtaken Japan to become China's largest trading partner. At US$30.2 billion, China's trade with Hong Kong in 1988 was about 29% of its trade with world at US$102.79 billion (footnote (11)).
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