ENG-1956 — Page 101

INDUSTRY AND TRADE

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There was a significant drop in the value of imports from the United Kingdom and Europe in December, which is largely due to the closure of the Suez Canal and the re- routing of ships round the Cape.

The rise in the value of imports from the United King- dom was attributable to heavier purchases of base metals, machinery, manufactures of metals, textile yarns and piece- goods. The main commodities accounting for increased ex- ports to the United Kingdom were locally manufactured clothing and cotton piece-goods.

Among imports from China, commodities showing a large increase in value were cotton piece-goods, animal and vege- table oils, non-metallic mineral manufactures, cereals and cereal preparations, and inedible animal and vegetable crude materials. Imports of live animals, chiefly, for food, fell in value by 15.9%. The fall in the value of exports to China was due mainly to reduced purchases of dyeing and tanning materials, chemicals and fertilizers.

The value of imports from Japan increased by HK$284.6 million (£17.8 million), over 50% of which was accounted for by textile yarns and piece-goods alone. Other items showing a large increase in value were base metals and non- electrical machinery. The principal commodities responsible for the rise in the value of exports to Japan were textile fibres, ores and metal scrap, mineral fuels and related materials, cereals and cereal preparations, and base metals.

The increase in the value of imports from the United States was attributable mainly to raw cotton, and medicinal and pharmaceutical products. Imports of textile yarns and piece- goods, however, fell in value by 20.7%. Exports of clothing to the United States increased in value by 116.5%.

Although exports to Indonesia during the whole of 1956 rose by 159.3% over the previous year, exports during September to November declined in value to less than 50% of the level for the preceding months, but recovered appreci- ably in December.