ENG-1975 — Page 42

INDUSTRY AND TRADE

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foodstuffs amounting to $6,283 million, or 19 per cent of total imports, constituted the major part of food consumption in 1975. The principal items were fruit and vegetables, live animals, rice and other cereals, fish and fish preparations, meat and meat preparations, dairy products, and eggs. Imports of raw materials and semi- manufactures valued at $13,581 million, or 41 per cent of total imports, included textile fibres, yarn and fabrics, base metals, paper and paperboard, and plastic mould- ing materials. Imported capital goods totalling $4,340 million, or 13 per cent of total imports, were mainly machinery and transport equipment. Retained imports of consumer goods consisted largely of precious stones, consumer durables and textile made-ups. Fuel imports valued at $2,033 million represented six per cent by value of total imports.

Japan continued to be the principal supplier of imports in 1975, providing 21 per cent of the total. China came second, supplying 20 per cent of total imports and 52 per cent of all imported foodstuffs. The United States supplied a further 12 per cent of the total. Other important sources of imports were Taiwan, Singapore, Britain, West Germany, Switzerland and South Korea.

Domestic exports consisted almost entirely of manufactured goods, emphasising the importance of the manufacturing sector in Hong Kong. Textile and clothing exports accounted for 54 per cent of the total, while sales of miscellaneous manufac- tured articles-mainly toys and dolls, jewellery and goldsmiths' and silversmiths' wares, plastic flowers, umbrellas and metal watch bands-made up an additional 15 per cent. Exports of electrical machinery, apparatus and appliances-mainly tran- sistorised radios, electronic components and parts for computers, transistors, semi- conductor integrated circuits and diodes-accounted for a further 12 per cent. Other light manufactured products such as metal products, watches and clocks, travel goods, electronic calculators, and footwear were also important exports.

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The direction and level of Hong Kong's export trade is influenced principally by economic conditions and commercial policies in its main overseas markets. Although there has been some market and product diversification, Hong Kong's exports are still highly concentrated in a few markets as well as in a few products. During the year, 62 per cent of all domestic exports went to the United States and the enlarged European Economic Community. The United States alone absorbed 32 per cent (the same as in 1974); West Germany took 13 per cent (11 per cent); and Britain 12 per cent (the same as 1974). Other important markets were Australia, Japan, Canada, Singapore, the Netherlands and Sweden. Because of their newly acquired purchasing power, exports to some OPEC countries (Organisation of Petroleum Exporting Countries) like Nigeria and Saudi Arabia have shown remarkable in-

creases.

Hong Kong's traditional entrepôt trade was about 23 per cent by value of total exports in 1975. Japan was still the largest re-export market, followed by Singapore, Taiwan, Indonesia and the United States. The principal commodities re-exported were machinery and transport equipment; textiles and clothing; diamonds; watches and clocks; crude animal and vegetable materials; medicinal and pharmaceutical products; and dyeing, tanning and colouring materials. The principal countries of origin of these re-exports were China, Japan and the United States.

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