ENG-1953 — Page 63

HONG KONG ANNUAL REPORT, 1953

the U. S. authorities, some forty different commodities had been agreed for export to the U. S. A. under Government compre- hensive certificates of origin. The total value of goods certified amounted to $21,492,576.

Indonesia

In 1952 Indonesia had replaced China as Hong Kong's best customer, but in 1953, owing to a shortage of foreign exchange, slipped back to second place. Exports to Indonesia reached a peak of $64.4 million in May, but declined con- siderably during the latter half of the year, though improving slightly in November and December. Unfortunately, as most of this trade consisted of locally made products, many factories, especially the weaving industry, had to curtail their production.

Japan

In common with the rest of the sterling area various restrictions, necessitated by Japan's substantial holdings of sterling and the Colony's mounting adverse trade balance, had to be imposed on imports from Japan during 1952 and the early part of 1953. By midsummer the position had improved sufficiently to allow all the restrictions to be pro- gressively removed, except for re-exports to other scheduled. territories. In September, re-exports were permitted to Singapore.

Various Japanese trade delegations, both official and un- official, visited the Colony during the year or passed through on their way to other countries.

China (mainland)

Trade with the mainland of China continued to be difficult and compared with the previous year there was no substantial change, the figure for 1953 being $1,397.5 million, compared

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