ENG-1970 — Page 67

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INDUSTRY AND TRADE

of transistor radios; television sets and parts; computer parts (e.g. memory cores) and electronic components including silicon tran- sistors and diodes, magnetic reed switches, integrated circuits, condensers, transformers, capacitors, resistors and loudspeakers. Since the establishment of the industry in 1959, exports of transistor radios have increased to reach a total in 1970 of 22 million sets worth $549 million sent mainly to the United States and the Federal Republic of Germany.

Manufacture of wigs and hair pieces has increased substantially in recent years, the principal market being the United States. The value of exports in 1970 reached $937 million. During the year synthetic fibres were used extensively and accounted for over 80 per cent of all exports of wigs.

Heavy and Service Industries

Hong Kong's heavy industry has been related to port facilities and servicing as well as to the construction industry. The former includes ship and aircraft repair or modification and construction of small and medium-sized vessels. The latter embraces the produc- tion of reinforcing bars, made either from imported ingots or from scrap steel derived from shipbreaking or industrial detritus, and the manufacture of aluminium extruded products.

Production by the steel rolling industry for domestic consumption and export remained at a satisfactory level. Imports of Chinese steel decreased considerably although the revival of the local property market, brought about an improvement in prospects for the steel industry. Taiwan became the leading foreign supplier and imports from this market were increasing.

The expansion of light industry has in the past stimulated the manufacture of small and medium machine tools as well as parts and accessories for imported machinery. Of particular significance are plastic blow moulding and injection moulding machines, power presses, lathes and planing machines.

Industrial Land

The demand for industrial land generated by the rapid expansion of local manufacturing industry remained keen in the early part of 1970. But, with the substantial amount of industrial land being