ENG-1992 — Page 104

INDUSTRY AND TRADE

1997 to 2047. The corporation in turn grants sites also up to 2047 to enable investors to plan with certainty.

External Trade

Hong Kong is among the top 10 traders in the world. Overall, its trade is normally in balance and in 1992 it showed a deficit. Its largest trading partner is China, followed by the United States and Japan. Its external trade was generally buoyant in 1992. Total merchandise trade amounted to $1,880,248 million, an increase of 22 per cent over 1991. Imports rose by 23 per cent to $955,295 million. Domestic exports and gross total value of re-exports increased by one and 29 per cent to $234,123 and $690,829 million respectively; together they represented an increase of 21 per cent.

Appendices 15 and 16 provide summary statistics of external trade.

Imports

Hong Kong is almost entirely dependent on imported resources to meet the needs of its population of 5.9 million and its diverse industries. In 1992, imports of consumer goods, valued at $394,543 million, constituted 41 per cent of total imports. The major consumer goods imported were: clothing, ($80,078 million); radios, television receivers, gramo- phones, records, amplifiers and tape recorders, ($47,662 million); footwear, ($31,689 million); baby carriages, toys, games and sporting goods, ($31,145 million); and travel goods, handbags and similar containers, ($18,883 million).

-Imports of raw materials and semi-manufactured goods totalled $329,950 million, repre- senting 35 per cent of total imports. The principal items imported were transistors, diodes, semi-conductors and integrated circuits, ($43,602 million); woven fabrics of man-made fibres, ($30,609 million); plastic materials, ($29,262 million); iron and steel, ($15,523 million) woven cotton fabrics, ($15,131 million); and watch and clock movements, cases and parts, ($14,418 million).

Imports of capital goods amounted to $167,798 million, or 18 per cent of total imports. Imported capital goods consisted mainly of electrical machinery, ($21,928 million); trans- port equipment, ($17,514 million); office machines, ($16,612 million); scientific, medical, optical, measuring and controlling instruments and apparatus, ($6,709 million); and textile machinery, ($6,279 million).

Imports of foodstuffs were valued at $45,351 million, representing five per cent of total imports. The principal imported food items were fish and fish preparations, ($10,728 million), fruit, ($6,604 million); meat and meat preparations, ($5,398 million); and vegetables, ($4,485 million).

Mineral fuels, lubricants and related materials, worth some $17,653 million were imported in 1992, representing two per cent of total imports.

China and Japan were principal suppliers of imports, providing 37 per cent and 17 per cent respectively of the total. China alone supplied 32 per cent of Hong Kong's imported foodstuffs. Taiwan ranked third, providing nine per cent, followed by the United States, the Republic of Korea, Singapore, Germany and the United Kingdom.

Exports

Clothing remained the largest component of domestic exports, valued at $77,156 million or 33 per cent of the total. Exports of miscellaneous manufactured articles consisting