TNAG-2977-FCO40-1469-Economic-policy-in-Hong-Kong-1982 — Page 121

2.14

The major end-use categories of goods re-exported

through Hong Kong were consumer goods, and raw materials and

semi-manufactures, representing 39% and 40% respectively of

the total value of re-exports. On the basis of trade indexes

available up to May, re-exports of consumer goods in the first

half of 1982 were in real terms 2% lower than in the first

half of 1981; while re-exports of raw materials and

semi-manufactures were 7% lower.

2.15

As regards the source of re-exports, re-exports of goods originating from China remained the most important. The

value of re-exports from this source continued to grow fairly

rapidly, by 21% in the first half of 1982, and accounted for 32% of the total value of re-exports from Hong Kong. The main

items of goods re-exported from China through Hong Kong were

textile fabrics and made-up articles, garments and

miscellaneous manufactured articles. Other major sources for

re-exports of goods were Japan and the United States, from which re-exports grew by 9% and 29% respectively in the first

half of 1982. These two sources accounted for 20% and 11%

respectively of the total value of goods re-exported through

Hong Kong.

The visible trade "gap" and the terms of trade

2.16

Comparing the first half of 1982 with the first half

of 1981, the growth rate of the value of total exports

(domestic exports plus re-exports) at 7% was faster than the

growth rate of the value of imports at 5%. As a consequence,

the visible trade

was significantly narrower

16%.

in the first half of 1982 at trade "gap" (4)

than

14%

in the first half of 1981 at

/ 2.17 During

(4)

The visible trade "gap" is defined as the proportion of the value of imports not covered by receipts from total exports.

15