ENG-1962 — Page 105

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INDUSTRY AND TRADE

such as machinery and transport equipment were also imported, together with mineral fuels and lubricants.

The sources of imports are determined by proximity, prices, speed of delivery and by traditional trade channels. From China, which is the Colony's principal supplier, came 18 per cent by value of all imports and 36 per cent of all the Colony's food imports. Other imports from China included textile yarn and fabrics. The value of goods imported from China increased by 18 per cent compared with 1961. Imports from Japan, the second largest supplier, also showed a large increase in value compared with 1961. This was mainly the result of a rise in the value of imports of textile goods, which represented 44 per cent of all imports. Other imports from Japan included machinery, base metals, non-metallic mineral manufacturers and paper and paper manufactures. Among other major suppliers, imports from the United States recorded an increase, while those from the United Kingdom remained at about the level of 1961. The principal imports from the United States were raw cotton, machinery, plastic moulding materials, tobacco, fruits and vege- tables, and medicinal and pharmaceutical products. Imports from the United Kingdom consisted mainly of machinery, transport equipment, textiles and base metals. The chief continental area of supply was Asia, from which came 49 per cent of all imports by value.

The value of the Colony's domestic exports reached the record total of $3,317 million in 1962. This was an increase of 13 per cent over the previous year and represented nearly 76 per cent of total exports by value. Domestic exports were concentrated heavily on the products of the textile and garment manufacturing industries, which accounted for 52 per cent by value in 1962. Exports of the Colony's second largest export industry, the manu- facture of plastic goods (artificial flowers, toys and dolls and buttons) made up a further 11 per cent. The balance included a wide range of light industrial products. The direction of the export trade is influenced by many factors, among the more im- portant being the advantages of Commonwealth Preference and the acceptability of 'low cost' imports in fully developed countries. The volume depends in many cases upon the extent to which trade promotion activities and negotiation can find new outlets and

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