ENG-1998 — Page 140

TRADE AND INDUSTRY

watches and clocks, and chemical products. In 1996, Hong Kong was the world's leading exporter of textiles, clothing, watches and clocks.

Major export markets in 1998 were the Mainland (29.8 per cent), the USA (29.1 per cent), the UK (5.3 per cent), Japan (5.2 per cent) and Taiwan (3.5 per cent). The clothing industry was the largest export-earner in the manufacturing sector, followed by the electronics industry. Chart 2 shows the value of domestic exports of the major industries in 1998.

CT

Chart 2: Value of Domestic Exports of the Manufacturing Sector in 1998

Others

18.3% ($34.497 billion)

Jewellery

2.5% ($4.77 billion)

Chemical

3.6% ($6.753 billion)

Watches & Clocks

4.7% ($8.937 billion)

Textiles

5.7% ($10.767 billion)

Electronics

25.4% ($47.826 billion)

Clothing

39.7% ($74.874 billion)

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External Investment

The Industry Department promotes and facilitates overseas investment in the industries of Hong Kong. It maintains a One Stop Unit in Hong Kong which works closely with seven overseas Investment Promotion Units in North America, Europe, Japan and Australia. Together, they provide advice and assistance to potential overseas investors in developing and implementing their investment plans in Hong Kong.

Industry Department and Census & Statistics Department surveys show that Hong Kong had 364 foreign-owned manufacturing companies and 7 440 foreign-owned non-manufacturing companies at the end of 1997. The total stock of inward direct investment amounted to $732.4 billion at historical cost. Charts 3 and 4 show the industries and source countries of the external investment. These foreign-owned companies together employed 404 708 people (i.e. 18 per cent of Hong Kong's total employment). Foreign-owned manufacturing companies accounted for 35 per cent of Hong Kong's total domestic exports.