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CHAPTER 2: THE EXTERNAL SECTOR
Domestic exports
2.1
As
expected, given that
retained
imports of raw
materials and semi-manufactures in a year-on-year comparison
fell in real terms in the fourth quarter of 1981, domestic
exports of goods in value terms grew slowly during the first
quarter of this year.
The value of domestic exports, at $17,504 million, was 9% higher than
than in
in the first quarter of 1981. This growth, on the basis of trade indexes available up
to February, was made up entirely of an increase in prices. In view of the economic situation in Hong Kong's main markets,
the zero growth rate of domestic exports in the first quarter was in fact not too discouraging.
2.2
Although the rate of return to work after the Lunar
New Year was considered normal, manufacturing employment does not seem to have increased by any significant extent during the first quarter. There are no concrete signs yet of any
significant improvement in the performance of exports. Much depends upon the economic situation in Hong Kong's main export
markets, particularly the United States, the latest views on
which are that the recovery will come later than
than previously
expected.
Year-on-year comparison
In money
terms
Growth rates of domestic exports (%)
Rate of increase in prices
In real terms
1981/1980 Q1
17
8
Q2
12
3
Q3
20
8
Q4
22
12
1981/1980
18
8
1982/1981 Q1
9
0 (*)
8
9
11
9
9
9(*)
Note: (*)
Estimated by using trade indexes available up to February 1982.
/ Domestic
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