TNAG-2047-FCO40-2917-Visits-by-staff-of-the-Department-of-Trade-and-Industry-to-H-1990 — Page 81

In 1976 Hong Kong was our 28th largest market, now it is in 17th

position and our second largest market in the Far East after Japan.

It accounts for approximately 1.3% of total UK exports by value

compared with 0.8% in 1976.

Last year, for the third year running, the level of UK visible

exports to Hong Kong exceeded £1 billion, an increase of 8% over

1988. This is well over twice what we export to China and almost

half what we export to Japan, a country with a population 20 times

the size of Hong Kong.

All in all an impressive achievement but that is not the full

story. Harder to quantify, though nonetheless important, is the

size of our trade in the invisibles sector, where the UK has

special expertise. It is estimated however that the revenue from

invisibles is at least as large as that from merchandise. Those of

you present from banks, consultants, law firms etc will know how

important services are in a modern economy and will, I am sure,

support the proposition that the export of services is just as real

and just as important as the export of goods.

!

The balance of our bilateral visible trade continues to be very

much in Hong Kong's favour, due, in no small part, to the excellent

work of the Hong Kong Trade Development Council whose new

vte19mon.210

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