COMMERCE
controls represent to the Colony, the embargo was most rigidly enforced. Total trade with China declined in comparison with 1953 both in value and volume.
United Kingdom
The value of trade with the United Kingdom fell by $62.1 millions compared with 1953. Imports were $369.3 millions and exports $162.2 millions. The most encouraging feature of this trade is that the export of local manufactures more than doubled in value (from $35.1 millions to $75.1 millions) compared with 1953 but Hong Kong still imports almost two and a half times as much from the United Kingdom as it exports to that country.
Exports of Hong Kong Products
An important feature of the year's trading was the increase in the value of local products exported. The fact that Hong Kong manufactures more than held their own in overseas markets, despite the difficult trading conditions which prevailed throughout the year, indicates that the enterprise of Hong Kong manufacturers and official trade development activities have met with some success. The total value of local exports increased from $635 millions in 1953 to $682 millions in 1954, and amounted to 28 per cent by value of all exports. Exports to Indonesia, Pakistan and Thailand declined, but there were notable increases in the shipment of Hong Kong products to Africa, South America, Australia, South Korea and the United Kingdom.
The principal local products exported during the year are illustrated in the diagram facing page 90.
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