In understanding the trade of singapore and hong kong in these years, it is necessary to have some insight into their trade with britain, altogether.but probably more to the point is that japanese cottons went direct to these markets and it has already been established the singapore's imports from britain grew only sluggishly.cottons were the major item in imports from britain.Figure7.3 and table 7.4 show the pattern of british exports to singapore,tc,drawn from the annual statement of trade of the united kingdom.these show an annual growth rate of 3.41 percent,rather higher than that for british imports to singapore, a puzzling fact which may be partly explained by the fall in freight rates over the period.british exports were valued FOB, the price at which they were loaded on ship,but imports to singapore were valued CIF(Cosr insurance and freight),so the decline in freight rates would mean a progressive fall relative in the value of british cargoes arriving at singapore.