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Hong Kong's re-exports of cotton bleached fabrics fell
a further 31.50% in volume terms in the selected HS
tariff line (HS number 520822: bleached, plain wave,
weighing over 100 g/M but no more than 200g/M, 85% or
more cotton by weight).
Re-exports to China rebounded however, with a 139%
rise in shipments in volume terms, after they declined
75.30% in 2002.
Not surprisingly, mainland China is by far Hong Kong's
first destination with a share of 50.10% in all re-exports.
China's share dramatically fell in the past month,
nevertheless. The PRC still accounted for more than
70% of shipments in 2002.
These figures actually reflect Hong Kong's decline
in Asia's textile business as a result of a substantial
expansion of direct trade between China and other countries,
including Taiwan. Hong Kong's exporters are progressively
transferring their offices to Shanghai, as a consequence.
China remains the major source of Hong Kong's re-exports
of bleached cotton fabrics, nevertheless.
About 73.5% of all fabrics shipped by Hong Kong's exporters
came from the PRC in the January-February period.
Developing sales to Vietnam
Shipments to Vietnam and Bangladesh sharply rebounded
from the very low level of January and February 2002,
now accounting for 11% and 6.80% of total re-exports,
respectively.
Hong Kong is also developing sales to certain African
countries, such as Sierra Leone and Mauritania. Shipments
to Cambodia and Indonesia are sharply rising, but from
very low levels.
The dramatic decline experienced in 2002 in volume
terms was partly offset by a surge in prices, as exporters
shifted to the higher end of the market.
In value terms, exports were only down 2% in 2002,
if official data are reliable, with average prices rising
from US$0.96 in 2001 up to US$4.94 in 2002 and US$5.82
in January-February 2003.
Re-exported fabrics are increasingly coming from Japan
with a 54% growth in products sourced from this country
in January-February in value terms. Japan is now ranking
second after China among suppliers of Hong Kong's trading
houses.
Pakistan is losing ground
Sourcing from Malaysia also sharply rose at the beginning
of the year with a 84% increase in volume terms while
shipments from Korea also surged.
Pakistan is rapidly losing ground at the same time,
with a 54% fall in shipments following a 24% decrease
in 2002.
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