ENG-1971 — Page 55

INDUSTRY AND TRADE

25

at $527 million, 86 per cent of which derived from the export of wigs of synthetic fibres. Although the majority of the larger, better or- ganised factories continued to expand at a satisfactory rate, a number of the smaller and less efficient factories closed down. The result is a more proficient industry producing higher quality goods with 19,896 workers compared with 30,900 the year before.

Heavy and Service Industries

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

Production by the steel rolling industry for domestic consumption and export was maintained at a satisfactory level during 1971. A boom in the domestic construction market also resulted in a rise in imports of steel. Although in absolute terms imports from China and Japan, the main suppliers, remained constant, their percentage share of the market declined.

The expansion of light industry has also stimulated the manu- facture 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 and power

presses.

Industrial Land

Confidence in Hong Kong's continued economic growth, coupled with the continued expansion of manufacturing industry, have sus- tained the demand for industrial land, substantial areas of which were made available for purchase during the course of the year.

Increasing numbers of flatted industrial buildings completed for occupation in 1971 and due for completion in 1972, will provide a welcome addition to available factory space and should help to stabilise rent levels in 1972.

Numerous industrial sites were sold in Wong Chuk Hang (Aber- deen) and Kwai Chung, the two industrial townships under current development. Prices obtained exceeded the upset prices and indicated the keen demand for sites in these areas. The construction of the container terminal at Kwai Chung and the Tsing Yi Island Bridge