ENG-1959 — Page 92

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HONG KONG ANNUAL REPORT

exports. In all, countries of the Commonwealth took 45% of these local exports.

The re-export trade which accounted for 30% of total exports and was worth $995.41 million in 1959 was mainly directed to Malaya, Japan, China and Thailand, these four countries together taking 48% of the total of re-exports. There was also a valuable re-export trade with Macau, Formosa, South Korea and Indonesia. The traditional entrepôt trade in the exchange of China produce against the manufactures and chemicals of Europe has given way to an inter-Asia trade through Hong Kong. Only 5% of the re- export trade was directed to Europe (excluding U.K.) while 59% went to Asian countries (excluding Malaya), and only 12% of the value of imports came from Europe (excluding U.K.), and 50% from Asia (excluding Malaya). The main items entering into the re-export trade are textiles, fruits and vegetables, animal and vegetable inedible crude materials and medicinal and pharmaceu- tical products; machinery and dyeing and tanning materials are also of importance.

The value of imports in 1959 was $4,949.37 million, an increase of $355.64 million or 8% compared with 1958. China remained the principal source of supply, providing 21% of total imports, while China, Japan, the United Kingdom and the United States together provided 58% of the value of all imports. The value of imports of food represented 25%, and of manufactured goods classified chiefly by material 32%, of total imports. The value of imports rose from most countries, especially from Japan, Pakistan, the United States and Formosa, while the greatest decrease was recorded from China.

The United States was the most valuable of Hong Kong's trad- ing partners in 1959, taking $591.01 million of total exports and providing $516.68 million of imports. Total exports rose in value by 81% compared with 1958. Exports of local products to the United States were valued at $563.84 million, representing 25% of the value of all exports from Hong Kong, and considerable increases were recorded in the value of clothing, which represents 57% of the total, miscellaneous manufactured goods (mainly arti- ficial flowers and plastic toys and games) and textiles and rattan furniture. Imports from the United States also increased over the 1958 figure; the main import is raw cotton, worth $84.03 million