Small joint development making packets? (12)

I believe the answer is:

shipbuilding

'making packets?' is the definition.
(packet is a type of ship)

'small joint development' is the wordplay.
'small' becomes 's' (abbreviation - e.g. clothes size).
'joint' becomes 'hip' (hip is a kind of joint).
'development' becomes 'building'.
's'+'hip'+'building'='SHIPBUILDING'

(Another definition for shipbuilding that I've seen is " Type of construction at, eg, Govan, Barrow".)

I've seen this clue in The Times.

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