dropped by 5% compared with the corresponding period of 1981.
After allowing for the effects of an increase of 4% in prices,
the decrease was 8% in real terms. Unfavourable conditions
in the German economy were the main cause of the poor export
performance. While domestic exports of watches continued to
grow in real terms, those of transistor radios declined
sharply. Domestic exports of clothing, which accounted for
about 60% of total domestic exports to Germany, declined by 6%
in real terms. The rate of utilization of quota for textiles
and clothing as a whole was 35% at the end of June, roughly
the same as at the end of June 1981.
2.6
Domestic exports to China continued to grow rapidly.
At $1,819 million, the value of domestic exports to this
same period of 1981(2).
market in the first half of 1982 was 55% higher than in the
China has thus overtaken Japan to
become Hong Kong's fourth largest market, accounting for about 5% of the total value of domestic exports. Domestic exports
of telecommunications and sound recording and reproducing
equipment, and textile yarn, fabrics and made-up articles to
increase rapidly.
China
continued
to
Of particular
significance is that most of this increase related to raw
materials and semi-manufactures. Though the actual extent
is
unknown, a substantial portion was shipped to China for
processing and subsequently returned to
to Hong Kong, reflecting
the growing importance of the compensation
processing arrangements between Hong Kong and China.
trade and
2.7
As regards Japan, the value of domestic exports to
this market in the first half of this year, at $1,360 million,
/ was
(2) Plans are in hand to construct unit value and quantum indexes of domestic exports to China. Before these indexes are available, it is not possible to estimate the growth rate of domestic exports to China in real terms.
8
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