ENG-1961 — Page 102

INDUSTRY AND TRADE

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air-conditioners, carpets and other furnishings, stainless steel cut- lery, electric fans, transistor radios, clocks, pleasure craft, cameras and binoculars.

TRADE

The value of merchandise imported, exported and re-exported in 1961 amounted to $9,900 million, an increase of one per cent over the total for 1960. Imports and domestic exports rose in value, but a decrease was recorded in the value of re-exports. Cargo tonnages by all means of transport were 8.4 million tons as against a total of 8.2 million tons for 1960.

The main features of the Colony's trade for the past two years, and a breakdown by countries and by commodities for the years 1959 to 1961, are given in the tables in Appendix IV.

Hong Kong lives by its external trade, as its territory is small and its natural resources negligible. In the past this trade has been that of an entrepôt, but although this is still considerable, the loss of most of its export trade with China has forced Hong Kong to turn for its livelihood to the sale abroad of the products of its rapidly expanding industry, which utilizes the local advantages of plentiful capital and an abundant supply of hard-working and skillful labour. Thus the pattern and direction of its trade is now determined by the openings in overseas markets which exist for its manufactured goods, and by the needs of industry for raw materials and of the ever-increasing population for the necessities of life.

Imports in 1961 were valued at $5,970 million which was two per cent higher than the previous year. Although agricultural and fish production is not insignificant, the major proportion of the Colony's requirements of foodstuffs have to be imported and food was the principal import commodity item, representing nearly 24% of all imports and being worth $1,406 million, an increase of four per cent over 1960. The chief items of edible imports are rice, swine, fruits and vegetables, fish and fish preparations, sugar and sugar preparations, cattle and eggs. Other imported consumer goods are medicinal and pharmaceutical products, watches, radios, gramo- phones, tape recorders, tobacco and alcoholic beverages. Capital goods, such as machinery, and oil are other important items in the import trade.