LORD CAITHNESS VISIT TO HONG KONG, 22-25 JULY 1991.
BACKGROUND DETAIL
A
UK/HONG KONG TRADE AND INVESTMENT
In 1990 UK exports to Hong Kong were £1,238M, an increase of 11.4% over 1989 (as compared with 10.8% for UK exports to the world). For Jan-April 1991 UK exports amounted to £425.1M, an increase of 13.7% over the previous year. Hong Kong is the UK's 18th largest export market (it was 28th in 1976) and the second largest in the Far East after Japan.
UK exports to Hong Kong, China and Taiwan (£m)
HK
China
Taiwan
Jan-Apr
1987
1988
1989
1990
1991
1,013 416 292
1,031
1,111
1,238
425
412 356
418 407
466
112
431
162
Approximately 15% of UK exports to Hong Kong were re-exported on to China in 1990.
2
Share of OECD exports to Hong Kong is as follows:
1987
1988
1989
1990 (est)
UK
Germany
Italy
France
Japan
US
7.9
6.4
6.1
6.9
5.7
5.7
6.0
6.0
3.7
3.8
4.6
4.6
3.7
3.6
3.6
3.6
42.5
41.2
38.6
40.5
18.9
20.0
21.1
21.2
3 The UK's principal exports are capital goods. In 1990 our most important export commodities were:- electrical machinery; power generation equipment; transport vehicles (double decker buses and railway rolling stock); general industrial machinery and textile yarn and fabrics.
4 Overall the balance of visible trade is in Hong Kong's favour. In 1990 UK imports from Hong Kong were £1,972m, a decrease of 3.2% over 1989. For Jan-April 1991 imports amounted to £595.7M, an increase of 2.7% over 1990. Our principal imports from Hong Kong are clothing, telecoms sound equipment and electrical machinery.
UK'S PRESENCE IN HONG KONG'S INVISIBLES SECTOR
5 UK companies (banks, accountants, insurance brokers, consultants etc) have a large presence in Hong Kong's invisibles
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