ENG-1953 — Page 62

COMMERCE

The value of exports from Hong Kong in 1953 was $2,733 million, the total for 1952 being $2,899 million. Exports to the United Kingdom increased from $83 million in 1952 to $119 million in 1953, while exports to Japan increased from $123 million to $221 million. Marked decreases in the value of exports from Hong Kong were recorded for Malaya, $337 million in 1953, compared with $417 million in 1952; Pakistan, reduced from $55 million to $26 million; Indonesia, from $528 million to $372 million; Formosa, from $207 million to $105 million; and U. S. A. from $113 million to $62 million.

Tables showing the principal countries to which the Colony exported goods in 1953 (see diagram facing page 46) and the principal commodities involved, with comparative figures for 1952 and 1951, are at Appendices VII and IX.

Significant developments

U.S. A.

Trade with the United States continued to be difficult though there was some improvement towards the end of the year. Importers were handicapped by licensing delays, quotas and other restrictions, despite the support in many cases of certificates of essentiality issued by the Government. An officer of the Department of Commerce and Industry visited Washing- ton in May for trade consultations with U. S. officials, and various consumer goods were subsequently permitted to be exported to the Colony under open general licence. Exporters had even greater difficulties owing to the operation of the U. S. Foreign Assets Control Regulations which prohibited the entry into the U. S. A. of Chinese presumption type goods, unless proved to have been manufactured or to have originated in places other than the mainland of China. These regulations. undoubtedly contributed to the Colony's unemployment problem but by the end of the year, after protracted negotiations with

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