TNAG-2466-FCO40-3590-Economic-situation-in-Hong-Kong-1992 — Page 80

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HONG KONG FINANCIAL ROUND-UP March/April 1992

HK moves into top 10 league

Hong Kong has officially moved into the top 10 of the world's leading trading economies with the release of GATT Director-General's annual report. At the end of 1991, Hong Kong moved from 11th largest exporter to 10th and, in terms of imports, jumped two places also to fill 10th position.

ADB tips 6% HK growth

The Asian Development Bank (ADB) has forecast Hong Kong's gross domestic product should grow by 5.8% this year, despite the tight labour market. It said that economic stability in China and the continuation of China's MFN status would be critical. On the domestic front, the government's commitment to massive expenditure on the new airport would provide additional stimulus to the economy.

The annual meeting of the ADB's board of governors will be held in Hong Kong for the first time from May 4-6.

Consumer spending up

Hong Kong's consumer spending continued to recover as retail sales for the month of January jumped a hefty 35 per cent to HK$14.2 billion (US$1.8 billion), buoyed in part by rising consumer confidence. The sharp year-on-year rise in January also reflected stagnant retail sales at the start of 1991 when consumer spending was influenced by the Gulf War, and the earlier start to the Lunar new year.

Airborne trade rises 9%

The value of Hong Kong's total airborne trade for 1991 totalled HK$282.6 billion (US$36.2 billion), up nine per cent over the previous year. Domestic exports carried by air continued to account for about 30 per cent of total domestic exports. In terms of weight, total airborne exports amounted to almost 478,000 tonnes, while airborne imports weighed 372,000 tonnes. The United States continued to be the biggest market for Hong Kong's airborne domestic exports, accounting for some HK$25.2 billion (US$3.2 billion) in 1991 - a drop of two per cent over the previous year. The next largest market was Germany with HK$7.4 billion (US$949 million) worth of domestic exports, an increase of six percent.

Tourism receipts almost static

Tourism spending in Hong Kong grew marginally by 0.9 per cent to HK$39.61 billion (US$5 billion) in 1991. The 0.9 per cent growth in tourism receipts lagged behind the 1.7 per cent increase in visitor arrivals in Hong Kong last year, when arrivals passed the six million mark for the first time.

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